(MENAFN- Live Mint) New Delhi: India and New Zealand on Monday opened their fourth round of negotiations for a proposed free trade agreement (FTA), as the two countries look to deepen economic ties and strengthen their strategic partnership, the commerce ministry said in a statement.

The talks, which are taking place in Auckland from 3 to 7 November, mark a renewed effort to craft a“balanced, comprehensive and mutually beneficial” deal after months of technical discussions, the ministry said.

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The latest round builds on the momentum created by New Zealand prime minister Christopher Luxon's visit to India in March, during which India's prime minister Narendra Modi underscored the need for stronger trade engagement.

The FTA talks were formally launched that month in New Delhi by commerce and industry minister Piyush Goyal and New Zealand's trade and investment minister Todd McClay.

Focus on key chapters

This week, negotiators are expected to focus on key chapters of the agreement, including trade in goods and services and rules of origin, provisions that determine how much of a product must be locally made to qualify for tariff benefits. The two sides seeking to narrow persisting differences over market access and the treatment of sensitive sectors.

“Both sides are working constructively to build on the progress achieved in earlier rounds, to reach convergence on outstanding issues and move towards the early conclusion of the FTA,” it added.

The first round of negotiations for the FTA had concluded in New Delhi on May 9. This round built on earlier virtual discussions that had set the stage for substantive engagement with constructive talks held across a wide range of topics, including trade in goods and services, trade facilitation and areas of economic cooperation.

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The second round was held in New Delhi from 14-25 July, while the third was held in Queenstown, New Zealand, and concluded on 19 September. This round saw constructive discussions across all chapters of the agreement, with several sections finalized and significant progress achieved in others, setting the stage for deeper engagement.

India's bilateral merchandise trade with New Zealand was at $1.3 billion in FY25. India's exports were up 32% to $711 million, while imports surged 75% to $587 million.

India's key exports to New Zealand include petroleum products, textiles, pharmaceuticals, agricultural goods, gems and jewellery and electronic items, while imports from the country include iron and steel, electrical machinery, fruits, coal, wool and aluminium products.

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