New Delhi: India and New Zealand on Sunday launched negotiations for a “complete and mutually useful” free commerce settlement, paving the way in which for second bilateral commerce deal within the Oceania after concluding an FTA pact with Australia in April 2022.
“We’re delighted to announce the launch of India-New Zealand Free Commerce Settlement (FTA) negotiations. This marks a major milestone in our partnership, reflecting our shared imaginative and prescient to deepen commerce ties and develop financial alternatives,” commerce minister Piyush Goyal stated in a put up on X.
With bilateral commerce persevering with to develop steadily, surpassing $1 billion throughout April-January 2025, the FTA negotiations purpose to unlock new avenues for companies and shoppers, fostering mutual development and prosperity of our nations, he stated after a gathering with New Zealand’s commerce and funding minister Todd McClay in New Delhi. The announcement got here on the eve of the bilateral assembly between Prime Minister Narendra Modi and New Zealand PM Christopher Luxon.
Additionally Learn | New Zealand PM, a number of overseas ministers to attend Raisina Dialogue in Delhi
After touchdown within the Indian Capital on Sunday, Luxon stated in a put up on X: “I’ve landed in India – a rustic of big significance to New Zealand’s prosperity, safety and society. India offers large financial alternative for Kiwis. That’s why I’m right here and that’s why I’ve introduced a senior delegation of enterprise and group leaders with me.” Luxon arrived in New Delhi on his first official go to to India.
In accordance with commerce ministry information, India exported merchandise price $538 million to New Zealand in 2023-24, and imported items of $335 million from the nation, with $203 million stability of commerce in India’s favour that fiscal yr.
Additionally Learn | Commerce, Indo-Pacific safety in focus for New Zealand PM’s go to to India
The bilateral commerce, nevertheless, picked up within the present monetary yr between the 2 companions in a extra balanced method. India’s items export to New Zealand in 2024-25 (as much as December 31) noticed an annualized development of 21.49% to $496 million, whereas imports from the nation surged 78.72% to $463 million through the interval, narrowing the commerce deficit to $33 million, information confirmed.
India’s primarily imports from New Zealand embrace wool, iron and metal, fruit and nuts and aluminum. Indian exports to New Zealand embrace prescription drugs, mechanical equipment, made up textile articles, pearls, valuable stones and metals.
“The India-New Zealand FTA negotiations purpose to realize balanced outcomes that improve provide chain integration and enhance market entry. This milestone displays a shared imaginative and prescient for a stronger financial partnership, fostering resilience and prosperity,” a commerce ministry assertion stated on Sunday.
India and New Zealand share a longstanding partnership based on shared democratic values, robust people-to-people ties, and financial complementarities. Each international locations have constantly labored in direction of constructing their bilateral relationship encompassing commerce and funding, it stated. India and New Zealand, a key accomplice within the Oceania area, have cordial and pleasant relations rooted within the linkages of Commonwealth and have bilateral relations since 1952. New Zealand recognized India as a precedence nation in its “Opening Doorways to India” coverage notified in October 2011, which it once more reiterated in 2015.
Indian companies, notably IT corporations, are invested in New Zealand. Financial institution of India, Financial institution of Baroda and New India Assurance have business operations within the nation. “Indian IT main HCL has opened a supply centre in Hamilton primarily to service Fonterra, one in all world’s greatest dairy cooperatives. Equally, Mahindra Motors, Tech Mahindra Ltd, Infosys, Dr. Reddy Laboratories and Royal Enfield Motors have presence within the nation,” stated an official who didn’t want to be named.
