New Delhi [India], November 6 : Union Commerce and Industry Minister Piyush Goyal on Thursday said that India and New Zealand are close to finalising a Free Trade Agreement (FTA), marking a major step in strengthening bilateral economic ties between the two nations.
Speaking exclusively withGoyal said "I think we can get an FTA with New Zealand soon," following discussions with New Zealand's Minister for Trade Todd McClay after attending a community reception honour in New Zealand. Goyal described his visit as "very useful," highlighting the "spirit of respect and accommodation" that has guided negotiations since they began.
He noted that the talks have moved forward substantially, with only a few remaining issues to be addressed. "Our teams have done a wonderful job. The few nuances that need to be addressed are before us. A lot of the things, in a spirit of accommodation, have been closed," Goyal said. He added that both sides were continuing discussions and that the FTA would serve as the "starting point of a long relationship" spanning trade, technology, education, and agriculture.
Calling the agreement an "important one," Goyal said it would be "beneficial to farmers, fishermen and small business owners" in both countries, and would help "increase investment and trade, technology, education, defence, space, agriculture, and food processing." He stated that India and New Zealand "do not compete with each other" but rather "work together" to expand global trade.
McClay, speaking alongside Goyal, also noted that the negotiations had progressed at an unprecedented pace. "I can't think of another trade negotiation that New Zealand's been involved in between a launch, which is March of this year, and now, which is only seven months. There have been five rounds," he said.
The New Zealand minister said that the proposed FTA would be significant, once completed, pointing out that two-way trade between the countries had already grown by 10 per cent in the last year. "We're working hard to strike a deal that will give real opportunity to all Indian businesses in New Zealand and New Zealand businesses in India," McClay said.
He stressed that the partnership went beyond trade in goods. "It's much, much more than just what we might buy and sell from each other. It's how we can cooperate in areas of science and innovation, and how we can help Indian farmers be more productive," McClay said.
Both ministers underlined that the agreement would be designed for long-term sustainability, balancing the interests of both sides. "It will be a win-win and must be complementary," McClay said, adding that such an understanding would help businesses in both countries "move more freely" and "invest in both directions."
Goyal concluded that the partnership would play a key role in India's economic vision. "This will be a very important trade agreement which will be helpful in the journey of Viksit Bharat till 2047," he said.
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