By Ahmad Adil
NEW DELHI (AA) - India and New Zealand Sunday announced the launch of negotiations for a "comprehensive and mutually beneficial" India-New Zealand free trade agreement (FTA), officials said on Sunday.
The announcement from the Indian side comes as India's Commerce and Industry Minister Piyush Goyal met his New Zealand counterpart, Todd McClay.
It also coincides with the visit of New Zealand's Prime Minister Christopher Luxon who arrived in India for a five-day visit on Sunday.
On the occasion of the proposed meeting between Indian Prime Minister Narendra Modi and New Zealand counterpart Christopher Luxon and “in the spirit of deepening our economic co-operation,” the two nations are “pleased to announce the launch of negotiations for a comprehensive and mutually beneficial India-New Zealand Free Trade Agreement negotiations,” a statement by Indian Commerce and Industry Ministry said on Sunday.
It said the 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,” it said.
Stating that India and New Zealand share a longstanding partnership founded on shared democratic values, strong people-to-people ties, and economic complementarities, the ministry said both countries have “continuously worked towards building their bilateral relationship encompassing trade and investment.”
Last month, India and the EU agreed to push for a free trade agreement by the end of the year.