Has Piyush Goyal Made Progress in FTA Talks with New Zealand?
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Synopsis
Union Minister Piyush Goyal and New Zealand’s Todd McClay made notable strides in FTA negotiations, aiming for a comprehensive agreement that fosters trade and investment. With bilateral trade hitting $1.3 billion, both ministers are optimistic about the partnership's potential.
Key Takeaways
- Significant progress made in FTA negotiations.
- Bilateral trade reached $1.3 billion in FY 2024–25.
- A comprehensive FTA will enhance economic ties.
- Both ministers aim for a mutually beneficial agreement.
- Ongoing efforts to conclude the FTA are underway.
Mumbai, Nov 17 (NationPress) The Union Minister of Commerce & Industry, Piyush Goyal, engaged in discussions with New Zealand’s Minister for Trade, Todd McClay, during a meeting in Mumbai on Monday regarding the proposed India–New Zealand Free Trade Agreement (FTA).
Both parties recognized that this round of talks resulted in significant advancements, achieving closure on various aspects and establishing a mutual understanding on avenues for an early and satisfactory conclusion to the agreement, as per an official statement released after the meeting.
“This engagement represented a critical step in the ongoing negotiations, with both Ministers concentrating on alignment across essential areas related to trade in goods and services,” the statement emphasized.
The Ministers noted that bilateral merchandise trade between India and New Zealand hit $1.3 billion in FY 2024–25, demonstrating robust growth of nearly 49 percent.
They stressed that a comprehensive and balanced FTA would not only accelerate trade flows but also enhance investment connections, bolster supply-chain resilience, and establish a transparent, stable, and predictable environment for businesses in both nations.
Reiterating their commitment to a progressive and ambitious partnership, both Ministers expressed optimism that the FTA could unlock remarkable opportunities across various sectors, including services, innovation, and technology collaboration.
They agreed to maintain the productive momentum and intensify efforts in the coming weeks to facilitate a prompt, balanced, and mutually advantageous conclusion of the agreement, the statement indicated.
This meeting in Mumbai follows Goyal’s recent visit to New Zealand earlier this month, where both Ministers convened with their negotiating teams to discuss the FTA.
“The discussions aim to forge a future-ready and equitable trade agreement that respects our sensitivities while enriching economic relations, opening new avenues for collaboration, and unlocking fresh opportunities for businesses and consumers on both sides,” Goyal stated.
Goyal mentioned in a post on X from Auckland that he reviewed the ongoing India–New Zealand FTA negotiations with his counterpart, Todd McClay, and the chief negotiators from both nations.
Point of View
The ongoing FTA negotiations between India and New Zealand signify a crucial opportunity for enhancing bilateral trade relations. The commitment shown by both nations' ministers to achieve a balanced agreement reflects a strategic approach towards economic growth and collaboration.
NationPress
17/11/2025
Frequently Asked Questions
What is the India-New Zealand Free Trade Agreement?
The India-New Zealand Free Trade Agreement (FTA) is a proposed trade pact aimed at enhancing economic cooperation and reducing trade barriers between the two countries.
What progress has been made in the FTA talks?
Recent discussions have led to significant advancements, with closure achieved on several elements and a mutual understanding on pathways to conclude the agreement.
What are the expected benefits of the FTA?
The FTA is expected to accelerate trade flows, deepen investment linkages, strengthen supply-chain resilience, and create a stable environment for businesses.
What is the current trade volume between India and New Zealand?
Bilateral merchandise trade between India and New Zealand reached $1.3 billion in FY 2024–25, showing strong growth of nearly 49%.
How will the FTA impact businesses?
The FTA is anticipated to unlock significant opportunities across various sectors, including services, innovation, and technology collaboration, benefiting businesses and consumers.
