Deal can be done here before America
India and New Zealand on Friday completed the fourth round of talks for the proposed Free Trade Agreement (FTA). Both sides have agreed to work towards finalizing it soon. Commerce and Industry Minister Piyush Goyal has arrived here to review the progress of these talks with New Zealand’s Trade and Investment Minister Todd McLay. Goyal wrote on the social media platform that the fourth round of India-New Zealand FTA talks focused on goods market access, services, economic and technical cooperation and investment opportunities.
He said that we look forward to working towards the early conclusion of a balanced, comprehensive and mutually beneficial agreement in line with the growing strategic and economic convergence between India and New Zealand. During the three-day visit, Goyal also held meetings with industry leaders to discuss measures to promote trade and investment. The Commerce Ministry said Goyal held meetings with many business leaders of New Zealand. These include Velocity Chief Executive Officer (CEO) Carmen Weislich, Slumberzone CEO Ranjay Sikka and Meat Industry Association Chairman Nathan Guy. These meetings showed growing interest in enhancing cooperation with India in diverse sectors like agriculture, tourism, technology, education, sports, gaming and drone technology.
When did the talks start?
The ministry said that in view of India’s significant progress in the space sector, space cooperation was considered a promising area for the future. Earlier on November 6, Piyush Goyal had said that the talks were progressing rapidly and expressed hope that the free trade agreement would be finalized soon. FTA negotiations were formally launched on 16 March 2025.
India’s bilateral merchandise trade with New Zealand stood at $1.3 billion in the financial year 2024-25, which is about 49 percent more than the previous year. New Zealand’s average import duty is only 2.3 percent. In a free trade agreement, two countries either significantly reduce or eliminate customs duties on most goods traded between them. They also ease norms to promote trade in goods and services.