Mumbai: Union Minister of Commerce & Industry Piyush Goyal discussed with New Zealand’s Minister for Trade, Todd McClay, at a meeting here on Monday on the proposed India–New Zealand Free Trade Agreement (FTA).
Both sides acknowledged that the round resulted in substantive progress, with closure achieved on several elements and a clear shared understanding emerging on pathways to an early and mutually satisfactory conclusion of the agreement, according to an official statement issued after the meeting
“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.
The Ministers noted that bilateral merchandise trade between India and New Zealand reached $1.3 billion in FY 2024–25, registering a strong growth of nearly 49 per cent.
They emphasised that a comprehensive and well-balanced FTA would not only accelerate trade flows but also deepen investment linkages, strengthen supply-chain resilience, and provide a transparent, stable, and predictable framework for businesses in both countries.
Reaffirming their shared commitment to an ambitious and forward-looking partnership, both Ministers expressed confidence that the FTA has the potential to unlock significant opportunities across a wide range of sectors, including services, innovation, and technology collaboration.
They agreed to sustain the constructive momentum and to intensify efforts in the coming weeks to facilitate an early, balanced, and mutually beneficial conclusion of the agreement, the statement added.
The meeting in Mumbai comes close on the heels of Goyal’s visit to New Zealand earlier this month, when the two ministers met along with their negotiating teams to discuss the FTA.
“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.
Goyal had said in a post on X from Auckland that he reviewed the ongoing India–New Zealand FTA negotiations with his New Zealand counterpart, Todd McClay, and the chief negotiators from both sides.
(IANS)
