New Delhi/ Guwahati, Dec 23: India and New Zealand on Monday announced the conclusion of negotiations on a Free Trade Agreement (FTA). The FTA is aimed to double bilateral trade between both the countries over the next five years.
Bilateral trade between India and New Zealand in 2024-25 stood at $1.3 billion.
While officials in New Delhi have confirmed that the talks have concluded, the deal is expected to be signed in 2-3 months after ‘legal scrubbing’, a process where experts in the field of law and trade from both the sides finalise the agreement’s text.
Indian PM Modi in a post on X stated, “Concluded in just nine months, this historic milestone reflects a strong political will and shared ambition to deepen economic ties between our two countries. The India-NZ partnership is going to scale newer heights. The FTA sets the stage for doubling bilateral trade in the coming 5 years.”
It needs mention here that formal negotiations on the FTA had commenced on March 16 earlier this year when New Zealand Prime Minister Christopher Luxon met Narendra Modi in New Delhi.
New Zealand Prime Minister Luxon describing the FTA as a ‘big deal’, said boosting trade would provide more jobs, higher wages and expanded opportunities for trade.
The New Zealand PM also highlighted India’s scale and growth trajectory, noting that the agreement provides New Zealand exporters improved access to a market of over 1.4 billion consumers.
Indian Commerce Minister, Piyush Goyal also stated that, “This FTA opens doors for Indian businesses in the region through well-integrated directional exports and gives our youth choices to learn, work and grow on a global stage”.
