New Delhi, July 25 (IANS) The government on Friday said the second round of negotiations for the India-New Zealand Free Trade Agreement (FTA) concluded successfully in the national capital, further advancing the shared objective of strengthening bilateral trade and economic partnerships.
The third round of negotiations is scheduled to be held in New Zealand in September. The intersessional virtual meetings will maintain the forward trajectory set in the second round, according to a Commerce Ministry statement.
Continuing the momentum generated during the first round held in May in New Delhi, the second round of negotiations was held from July 14-25.
This round accomplished significant advancement in multiple areas, including Trade in Goods and Services, Investment, Rules of Origin, Customs Procedures and Trade Facilitation, Technical Barriers to Trade, Sanitary and Phytosanitary Measures, and Economic Cooperation.
Discussions were marked by mutual interest in achieving early convergence on several texts. Both sides reaffirmed their commitment to concluding a balanced, comprehensive, and forward-looking agreement.
The development catalyses the shared commitment to deepen economic ties and guidance given by Prime Minister Narendra Modi during the visit of New Zealand Prime Minister Christopher Luxon in March this year.
India’s bilateral merchandise trade with New Zealand reached $1.3 billion in FY2024-25, recording a growth of 48.6 per cent over the previous financial year, signaling the growing potential of the economic partnership.
The FTA is expected to enhance trade flows, support investment linkages, promote supply chain resilience, and establish a predictable and enabling environment for businesses in both countries.
The FTA was launched during the meeting between Commerce Minister Piyush Goyal and New Zealand’s Minister for Trade and Investment Todd McClay on March 16.
Continuing the momentum generated during the first round held in May in New Delhi, the second round of negotiations was held from July 14-25.
–IANS
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