India, May 10 -- At a time when global trade is increasingly shaped by fragmentation, protectionism, and strategic distrust, the resurgence of bilateral trade agreements tells a different story-one of pragmatism over posturing. The proposed India-New Zealand Free Trade Agreement (FTA) reflects this shift. It is not merely a commercial arrangement between two distant economies, but a deliberate alignment of complementary strengths as both countries reposition themselves in a changing global order.

At first glance, the relationship appears modest. Bilateral trade stands at just USD 1.75 billion-a fraction of India's engagement with its major partners. Yet this figure understates the opportunity. Beneath it lies significant untapped potenti...