India and New Zealand Fast-Track Free Trade Agreement
India and New Zealand have intensified efforts to finalize a long-pending Free Trade Agreement (FTA), with Commerce Minister Piyush Goyal meeting his New Zealand counterpart Todd McClay in Mumbai. Officials reported “substantive progress” and confirmed several negotiation elements have been closed, signaling potential early conclusion of the pact.
Key Developments
- Bilateral merchandise trade surged to $1.3 billion in 2024-25, marking a 49% year-on-year increase
- Discussions focused on narrowing gaps in goods and services trade
- Ministers emphasized a balanced FTA would deepen investment ties and improve supply-chain resilience
- Cooperation explored in services, innovation sectors, and technology partnership
The ministers agreed that a well-balanced agreement would create a more predictable framework for businesses while unlocking untapped potential in key sectors. Both sides are working to capitalize on the current trade momentum.
Related Trade Progress
Commerce Secretary Rajesh Agrawal separately indicated that India’s FTA negotiations with the European Union and New Zealand are in final stages. A team of Indian negotiators is also currently in the UK discussing the Double Contribution Convention agreement.
