Mumbai — India and New Zealand have recorded substantive progress in negotiations toward a long-awaited Free Trade Agreement (FTA), according to a joint statement issued after a high-level meeting between Commerce and Industry Minister Piyush Goyal and New Zealand Trade Minister Todd McClay on Monday.
The discussions, held in Mumbai, focused on advancing the proposed India–New Zealand FTA, which aims to boost economic ties between the two countries. Both sides agreed that the latest round of talks resulted in “closure on several elements” and established a “clear shared understanding” on the next steps toward a mutually satisfactory agreement.
“The engagement marked an important step in the ongoing negotiations, with both Ministers focusing on convergence across key disciplines relating to trade in goods and services,” the statement said.
Bilateral merchandise trade between India and New Zealand reached $1.3 billion in the fiscal year 2024–25, representing an impressive 49 percent increase. Officials noted that a comprehensive and balanced FTA would not only boost trade but also deepen investment links, enhance supply chain resilience, and provide a stable, predictable framework for businesses in both countries.
Both ministers reaffirmed their commitment to pursuing an “ambitious and forward-looking partnership,” saying the agreement could unlock significant opportunities across key sectors including services, technology collaboration, and innovation.
The two leaders agreed to maintain the current momentum and “intensify efforts in the coming weeks” to achieve an early and mutually beneficial conclusion. The meeting follows Goyal’s recent visit to New Zealand earlier this month, during which both ministers met with their negotiating teams to chart a path forward.
“The talks are aimed at working towards a future-ready and balanced trade pact that respects our sensitivities while deepening economic ties, opening new avenues for collaboration, and unlocking fresh opportunities for businesses and consumers on both sides,” Goyal said in a post on X following his visit.
As the negotiations continue, both countries have expressed optimism about sealing an agreement that could significantly expand bilateral trade and investment over the coming years. (Source: IANS)
