Will India and New Zealand Finalize Their FTA This Year?
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Synopsis
India and New Zealand are on a path to finalize their Free Trade Agreement by this year, with significant strides made in bilateral discussions. This agreement is expected to boost economic ties, enhance trade, and create a robust trading environment for both nations. Stay tuned for insights into this developing economic partnership.
Key Takeaways
- The FTA aims to enhance bilateral trade and investment.
- Successful completion of the first round of negotiations.
- Next round scheduled for July 2025.
- Total merchandise trade reached $1.3 billion.
- Focus on creating a balanced and fair trade agreement.
New Delhi, May 10 (NationPress) India and New Zealand have reaffirmed their shared vision and mutual understanding to advance towards a forward-looking framework and finalize the free trade agreement (FTA) within this year.
In a significant stride towards enhancing bilateral trade and investment collaboration, the initial round of discussions for the India–New Zealand FTA has successfully concluded in New Delhi. The subsequent round is scheduled to take place in July 2025.
“As India consistently expands its presence through various trade agreements, this round signifies a solid commitment to bolster economic partnerships that align with both national priorities and global ambitions,” stated the Commerce Ministry in a press release.
The first round followed a series of virtual discussions between both parties that established the foundation for the face-to-face meeting. Productive negotiations spanned all aspects of the FTA, including Trade in Goods and Services, Trade Facilitation, and sectors of economic cooperation that benefit both nations.
This engagement underscores the strategic value both nations place on creating a mutually advantageous, equitable, and fair trade agreement.
This progress builds on the common commitment to strengthen economic ties as guided by Prime Minister Narendra Modi during the visit of Christopher Luxon, the Prime Minister of New Zealand, in March.
The FTA was initiated during a meeting between Piyush Goyal, Minister of Commerce and Industry, and Todd McClay, Minister for Trade and Investment of the New Zealand Government on March 16.
Total merchandise trade between the two nations has reached $1.3 billion in the financial year 2024–25, showcasing a remarkable growth of 48.6 percent compared to the previous financial year.
This highlights the expanding potential of the India-New Zealand Economic Partnership. The FTA is anticipated to further enhance trade and investment opportunities, improve supply chain integration, and foster a predictable and transformative trading atmosphere for businesses on both sides, as noted by the ministry.
Point of View
The ongoing negotiations for the India-New Zealand Free Trade Agreement reflect a critical step towards enhancing bilateral relations. This initiative aligns with our national interests and aims to create a more dynamic economic environment. As India continues to strengthen its global trade partnerships, the FTA with New Zealand stands as a testament to our commitment to fostering mutual growth and cooperation.
NationPress
21/05/2025
Frequently Asked Questions
What is the India-New Zealand FTA?
The India-New Zealand Free Trade Agreement is a proposed trade deal aimed at enhancing economic relations, facilitating trade in goods and services, and promoting investment between the two countries.
When will the next round of negotiations take place?
The next round of negotiations for the India-New Zealand FTA is scheduled to be held in July 2025.
What is the current trade volume between India and New Zealand?
Total merchandise trade between India and New Zealand has reached $1.3 billion in the financial year 2024–25.
What are the expected benefits of the FTA?
The FTA is expected to enhance trade and investment opportunities, improve supply chain integration, and create a stable trading environment for businesses in both countries.
Who are the key figures involved in the FTA discussions?
Key figures involved include Piyush Goyal, Minister of Commerce and Industry of India, and Todd McClay, Minister for Trade and Investment of New Zealand.
