New Delhi: India and New Zealand in March announced the launch of negotiations for a comprehensive and mutually beneficial free trade agreement (FTA) negotiation. The announcement came as New Zealand Prime Minister Christopher Luxon received a warm welcome as he arrived in Delhi for his first official visit to the country.

According to a statement by the Ministry of Commerce and Industry, the significant step was marked by a meeting between Minister for Commerce and Industry, Piyush Goyal, and Todd McClay, New Zealand’s Minister for Trade and Investment, laying the foundation for a momentous partnership towards strengthening the economic and trade ties between the two countries.

Both the nations “share a longstanding partnership founded on shared democratic values, strong people-to-people ties, and economic complementarities”, said the ministry. Both countries have continuously worked towards building their bilateral relationship encompassing trade and investment. The India-New Zealand FTA negotiations aim to achieve balanced outcomes that enhance supply chain integration and improve market access. This milestone reflects a shared vision for a stronger economic partnership, fostering resilience and prosperity. In 2023-24, New Zealand exported $0.84 billion of total goods and services to India and imported $0.91 billion and a total trade value of $1.75 billion.