India and New Zealand have wrapped up the fourth round of talks on a proposed free trade agreement (FTA), with both sides agreeing to work towards its early completion. Commerce and Industry Minister Piyush Goyal visited New Zealand to review the progress of the negotiations with his counterpart, Todd McClay.
During the three-day visit, discussions focused on goods market access, services, economic and technical cooperation and investment opportunities, according to Goyal. He also met with business leaders to explore ways to strengthen trade and investment ties between the two countries.
The minister said that the talks were moving quickly and expressed optimism that the FTA could be finalised soon. The negotiations were formally launched on March 16.
"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," he said.
Piyush Goel meets top business leaders
Goyal met with several New Zealand business leaders, including Carmen Vicelich, CEO of Valocity; Ranjay Sikka, CEO of Slumberzone; and Nathan Guy, Chairman of the Meat Industry Association. These meetings highlighted a growing interest in expanding collaboration in sectors such as agriculture, tourism, technology, education, sports, gaming, and drone technology.
Bilateral merchandise trade between India and New Zealand reached USD 1.3 billion in 2024-25, marking a nearly 49 per cent increase compared to the previous year. New Zealand’s average import tariff is just 2.3 per cent. In a free trade agreement, countries typically reduce or remove customs duties on most traded goods and simplify rules to promote trade in goods and services.
Talks stalled after nine rounds in 2015
India and New Zealand had previously negotiated a Comprehensive Economic Cooperation Agreement (CECA) starting in April 2010, aiming to boost trade in goods, services, and investment. However, after nine rounds, the talks stalled in 2015.
India exports items such as clothing, fabrics, home textiles, medicines, refined petrol, agricultural machinery, electronics, shrimps, diamonds, and basmati rice to New Zealand. In return, India imports agricultural products, minerals, apples, kiwifruit, meat, milk products, coking coal, timber, wool, and scrap metals.
Goyal to visit Australia
Meanwhile, Minister Goyal is scheduled to visit Australia, as negotiations continue for the second phase of the India-Australia free trade agreement, following the first part of the pact coming into effect in December 2022.
