Key Points
- India and New Zealand launch comprehensive FTA negotiations
"So we are an aspirational two friends working together in a spirit of cooperation, respecting each other's sensitivities. And we will be aspiring to do this equally fast, maybe faster," Piyush Goyal told reporters, on the sidelines of the FICCI-organised 'India-New Zealand Economic Forum', while New Zealand's Minister of Trade and Investment Todd McClay was standing next to him.
Piyush Goyal said no one had imagined that India would be able to sign a trade pact with UAE in just 90 days.
"But I've also always said that no free trade agreement is ever negotiated with a gun on anybody's head. There's never a timeline or a dead-end date -- which is sacrosanct. But it's good to be aspirational. Both our leaders, Prime Minister Luxon and Prime Minister Modi are ambitious in making this relationship stronger, giving opportunities to the youth of both countries, leveraging on the strengths of New Zealand and India," Goyal further told reporters.
"And our job is to make sure that we do a good job, which is a win-win for both countries and which will result in expanding opportunities and economic growth."
Goyal thinks that the India-New Zealand FTA "by and large" will be a full-fledged FTA.
"We don't see any difficulty in that. We will cover the entire gamut of a full-fledged comprehensive economic partnership between New Zealand and India. We will cover every issue that is of interest to both countries," he further supplemented.
New Zealand Minister Todd McClay said, "... We have to make sure that we do a good job for the business community of India and New Zealand... Our negotiators will come together very soon. It's good to see the relationship between India and New Zealand has grown so strong that our leaders are telling us to meet a lot and get on with the business..."
Earlier, addressing the FICCI event, the New Zealand Prime Minister asserted that he looked forward to signing the FTA with Prime Minister Modi within the next 60 days.
"We are very ambitious. We have massive aspiration. We can go forward in the world with positivity and confidence, and we will all get what we deserve. And we deserve the very, very best in this relationship. And the people of our two countries deserve that best. And I think we are well positioned, despite the challenges, to actually do exceptionally well for both of our countries in the years and the decades ahead," the New Zealand Prime Minister said in his address.
India and New Zealand launched negotiations on Sunday for a "comprehensive and mutually beneficial" Free Trade Agreement (FTA), the day the Kiwi Prime Minister Christopher Luxon landed in New Delhi for a five-day official visit.
A meeting was held between Commerce Minister Piyush Goyal and New Zealand counterpart Todd McClay here in New Delhi, laying the foundation of a momentous partnership towards strengthening the economic and trade ties between the two countries.
In the year 2023-24, New Zealand exported a total of USD 0.84 billion in goods and services to India and imported USD 0.91 billion, for a total trade value of USD 1.75 billion.
India primarily imports wool, Iron and steel, fruit and nuts, and aluminium from New Zealand. Indian exports to New Zealand mostly consist of pharmaceuticals/medications, mechanical machinery, made-up textile articles, pearls, precious stones, and metals.
At the invitation of Prime Minister Narendra Modi, the Prime Minister of New Zealand, Christopher Luxon, is in India from March 16-20.
He is accompanied by a high-level delegation, including Ministers, senior officials, businesses, media and members of the Indian diaspora in New Zealand.
It is Prime Minister Luxon's first visit to India in his present capacity.
On Monday, Prime Minister Luxon held talks with Prime Minister Modi, covering various aspects of India- New Zealand relations.
Prime Minister Luxon was the chief guest, and he delivered the keynote address at the inaugural session of the 10th Raisina Dialogue 2025 on March 17 in New Delhi.
He is scheduled to visit Mumbai on 19-20 March, where he will have interactions with Indian business leaders and representatives from various walks of life.
