India, New Zealand FTA Talks Fast-Tracked

New Delhi, Dec 12 (PTI) India and New Zealand on Friday discussed ways to fast-track negotiations for the proposed free trade agreement (FTA) between the two countries.

New Zealand Trade Minister Todd McClay is here to review the progress of negotiations with Commerce and Industry Minister Piyush Goyal.

After the bilateral meeting, Goyal said in a social media post: "We discussed key aspects of the India-New Zealand FTA and explored ways to advance the negotiations for the mutual benefit of both countries".

The talks were formally launched on March 16, 2025. So far, four rounds of talks have been completed.

India's bilateral merchandise trade with New Zealand stood at USD 1.3 billion in 2024-25, registering a growth of nearly 49 per cent over the previous year.

The proposed FTA is expected to further boost trade flows, promote investment linkages, strengthen supply chain resilience, and create a predictable framework for businesses in both countries.

New Zealand's average import tariff is just 2.3 per cent.

In a free trade agreement, two countries either significantly reduce or eliminate customs duties on the maximum number of goods traded between them. They also ease norms to promote trade in goods and services.

India and New Zealand began negotiating the Comprehensive Economic Cooperation Agreement (CECA) in April 2010 to boost trade in goods, services, and investment. After nine rounds of discussions, however, the talks stalled in 2015.

India's key goods exports to New Zealand include clothing, fabrics, and home textiles; medicines and medical supplies; refined petrol; agricultural equipment and machinery such as tractors and irrigation tools, auto, iron and steel, paper products, electronics, shrimps, diamonds, and basmati rice.

The main imports are agricultural goods, minerals, apples, kiwifruit, meat products, such as lamb, mutton, milk albumin, lactose syrup, coking coal, logs and sawn timber, wool, and scrap metals.