(MENAFN- AsiaNet News)

The fourth round of negotiations on the India-New Zealand Free Trade Agreement (FTA) concluded today in Auckland and Rotorua, following five days of constructive and forward-looking discussions between the two sides.

Union Minister of Commerce & Industry, Piyush Goyal, and New Zealand Minister for Trade, Todd McClay, acknowledged the steady progress made during this round and reaffirmed their commitment to work towards a modern, comprehensive, and future-ready FTA, according to a press release by the Commerce Ministry.

Key Negotiation Tracks and Shared Goals

Both delegations held detailed engagements across key tracks, including trade in goods, trade in services, economic and trade cooperation, and rules of origin. The discussions reflected the shared ambition to strengthen economic ties and build a mutually beneficial partnership that supports resilient, inclusive, and sustainable growth.

Anticipated Benefits and Strategic Importance

Guided by the leadership of Prime Minister Narendra Modi, India remains committed to forging deeper economic partnerships that contribute to global prosperity and secure supply chains.

The Ministers noted that the proposed FTA is expected to significantly enhance trade flows, deepen investment linkages, strengthen supply-chain resilience, and provide greater predictability and market access for businesses in both countries.

The ongoing discussions reflect the shared resolve of both nations to expedite the process and work towards an early, balanced, and mutually advantageous conclusion of the agreement.

Bilateral Trade and Sectoral Potential

India's bilateral merchandise trade with New Zealand stood at USD 1.3 billion in FY 2024-25, marking a year-on-year growth of nearly 49 per cent. The proposed FTA is expected to unlock further potential in sectors such as agriculture, food processing, renewable energy, pharmaceuticals, education, and services, creating new opportunities for businesses and consumers alike.

Commitment to Future Progress

The Ministry's release further added that both sides agreed to sustain momentum through inter-sessional work and continue detailed discussions across all chapters with a shared determination to move towards early convergence on the India-New Zealand Free Trade Agreement. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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