Trade ministers of India and New Zealand on Thursday reviewed the progress in the negotiations on their Free Trade Agreement (FTA) as the negotiating teams near the end of fourth round of negotiations.
Commerce and Industry Minister Piyush Goyal and New Zealand’s trade and investment minister Todd McClay and chief negotiators from both sides participated in the discussions. Goyal is on a visit to New Zealand as officials from both countries hold a fourth round of negotiations that started on Monday and will last till Friday.
“Our teams are working towards a future-ready and balanced trade pact that respects our sensitivities while deepening economic ties, opening new areas of collaboration and unblocking fresh opportunities for businesses and consumers on both sides,” Goyal posted on ‘X’.
A business delegation is also accompanying Goyal to New Zealand. On Thursday Goyal and McClayalso co-chaired India-New Zealand CEOs Roundtable, which brought together leading business representatives from both sides
In the fourth round of talks, negotiations are focusing on key areas like trade in goods, trade in services and rules of origin. Both sides are working to build on the progress achieved in earlier rounds, to reach convergence on outstanding issues and move towards the early conclusion of the FTA.
The first round of talks on the FTA were held in early May. India and New Zealand decided in March to re-launch negotiations on FTA during New Zealand Prime Minister Christopher Luxon’s visit to New Delhi.
It is the second attempt by both countries to strike a trade deal. Through the deal they are aiming to grow their trade 10-fold in the next 10 years. In 2024-25 the bilateral trade stood at $ 1.29 billion with India’s exports at $ 711.08 million and imports at $ 587.15 million..
The first attempt for FTA lasted from 2010 to 2015. During that period 10 rounds of negotiations were held before the . One of the key sticking points in the FTA is New Zealand’s demand for access to Indian dairy markets. Dairy along with agriculture is the most sensitive area to negotiate. In no FTA that India has signed so far has it agreed to open the dairy sector. Even in the India-UK FTA, which was finalised earlier this week, dairy has been kept out.
India’s bilateral merchandise trade with New Zealand reached $ 1.3 billion in FY 2024-25, recording a growth of 48.6% over the previous financial year. India’s exports to New Zealand stood at $ 711.08 million and imports at $ 587.15 million..