India, New Zealand edge closer to trade pact to deepen economic ties

The proposed free trade agreement (FTA) between India and New Zealand is expected to strengthen trade, investment, and supply-chain partnerships, the commerce ministry said on Saturday.

The ministry said the agreement could offer greater predictability and improved market access for businesses in both countries.

Commerce and Industry Minister Piyush Goyal met his New Zealand counterpart Todd McClay during his visit to give fresh impetus to the ongoing trade negotiations.

The fourth round of talks on the India–New Zealand FTA concluded on 7 November in Auckland and Rotorua.

“The ministers acknowledged the steady progress made during this round and reaffirmed their commitment to work towards a modern, comprehensive, and future-ready FTA,” the ministry said in a statement.

Talks make steady progress

Both sides held detailed discussions on trade in goods and services, economic and trade cooperation, and rules of origin.

“The ongoing discussions reflect the shared resolve of both nations to expedite the process and work towards an early, balanced, and mutually advantageous conclusion of the agreement,” the statement added.

Trade sees significant growth

India’s bilateral merchandise trade with New Zealand reached USD 1.3 billion in 2024–25, registering a year-on-year growth of nearly 49 per cent.

Key sectors to benefit

According to the ministry, the proposed FTA could unlock potential in sectors such as agriculture, food processing, renewable energy, pharmaceuticals, education, and services, creating new opportunities for businesses and consumers in both countries.

(With inputs from agencies)