India and New Zealand Seek to Conclude Beneficial Free Trade Pact: Piyush Goyal

New Delhi, March 18 (NationPress) India and New Zealand are collaborating to finalize a comprehensive and mutually beneficial free trade agreement, stated Union Minister of Commerce and Industry Piyush Goyal on Tuesday.

While addressing business leaders from both nations, Goyal highlighted the substantial potential for cooperation between India and New Zealand, outlining an ambitious goal to achieve a tenfold increase in bilateral trade within the next decade.

The gathering included New Zealand’s Prime Minister Christopher Luxon and Minister for Trade and Investment, Agriculture and Forestry Todd McClay.

Prime Minister Luxon remarked that businesses are crucial for both economies and for reinforcing bilateral relations, underscoring the importance of delving into new sectors and opportunities.

"I am extremely hopeful about the future for both India and New Zealand. India represents a game changer for us. As a smaller nation, our relationship with India is vital. We all acknowledge that there is much more we can achieve together. The current trading relationship, valued at $3 billion, presents a tremendous opportunity for both sides," he expressed.

Goyal urged business leaders from both countries to work towards this ambitious target. "There are very few areas where we directly compete, and the limited sensitivities can be addressed through mutual respect. Considering our distinct developmental stages, we have vast opportunities for collaboration in fields like agri-tech, dairy, food processing, pharmaceuticals, renewable energy, critical minerals, forestry, horticulture, tourism, and sports," he emphasized.

In light of global challenges, Goyal stressed the need for trustworthy partnerships. "The world is facing numerous issues. A strong partnership between our nations could exemplify how reliable partners collaborate. It’s not merely about economic size; it’s about shared objectives and values," he noted.

He pointed out that India’s economy, currently at $4 trillion, is projected to expand to $30-35 trillion in the next 22-25 years, offering significant collaboration opportunities.

Goyal underscored the role of tourism in enhancing ties between the two nations, commending New Zealand’s Prime Minister for his dedication to strengthening relations, and suggested that their partnership could yield considerable economic benefits. “Together, we can create substantial advancements for our economies. Both nations would benefit from this collaboration,” he affirmed.

He also highlighted the significance of education and research in connecting people, pointing out that New Zealand’s innovations could reach global markets through India. He proposed that manufacturing in India for the global market at competitive rates could elevate their partnership.

Regarding connectivity, Goyal reiterated India’s commitment to enhancing financial and digital connections, as well as ensuring swift movement of workforce and technical expertise. He noted that India produces the highest number of STEM graduates annually, with 43% of them being women, reflecting the diversity and strength of the Indian workforce.

"Our two nations have decisive leaders, and India’s young, aspirational population of 1.4 billion, combined with New Zealand’s inventive nature, will forge a powerful partnership that the world will admire. Moving into the future while honoring the past encapsulates the essence of our collaboration," he concluded.

In the meantime, Federation of Indian Export Organizations (FIEO) President Ashwani Kumar welcomed the announcement regarding the initiation of FTA negotiations between India and New Zealand. He expressed confidence that this balanced, ambitious, and mutually advantageous agreement would deepen economic integration and foster a more supportive environment for Indian exports.

"The FTA will unlock opportunities for Indian businesses, providing them with easier and more predictable access to New Zealand’s market," he added.