India and New Zealand on Sunday announced the resumption of negotiations for a proposed free trade agreement after a halt of 10 years.
Indian New Zealand flags
India and New Zealand on Sunday announced the resumption of negotiations for a proposed free trade agreement after a halt of 10 years.
India-New Zealand FTA negotiations aim to achieve balanced outcomes that enhance supply chain integration and improve market access.
Advertisement
This milestone reflects a shared vision for a stronger economic partnership, fostering resilience and prosperity, Ministry of Commerce & Industry said in a statement.
Advertisement
Notably, ndia and New Zealand began negotiating the Comprehensive Economic Cooperation Agreement (CECA) in April 2010 to boost trade in goods, services, and investment. However, after nine rounds of discussions, the talks stalled in 2015.
A meeting was held between Commerce and Industry Minister, Piyush Goyal, and Todd McClay, New Zealand’s Minister for Trade and Investment, on March 16. It lay down the foundation of a momentous partnership towards strengthening the economic and trade ties between the two countries.
“India and New Zealand share a longstanding partnership founded on shared democratic values, strong people-to-people ties, and economic complementarities. Both countries have continuously worked towards building their bilateral relationship encompassing trade and investment,” the Commerce Ministry said.
As per the government records, in 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.
Advertisement
