India, New Zealand Eye Comprehensive Free Trade Agreement to Boost Bilateral Ties

New Delhi- India and New Zealand are working towards finalizing a comprehensive and mutually beneficial Free Trade Agreement (FTA), Union Commerce and Industry Minister Piyush Goyal announced while addressing CEOs from both nations in New Delhi. The event, attended by New Zealand Prime Minister Christopher Luxon and other senior officials, marked a significant step in strengthening bilateral relations and economic cooperation.

Goyal emphasized the immense potential for collaboration, outlining an ambitious vision to achieve tenfold growth in bilateral trade over the next decade. “There are hardly any areas where we compete with each other, and the few areas of sensitivity can be navigated with mutual respect,” Goyal stated, highlighting opportunities in sectors such as agri-tech, dairy, food processing, pharmaceuticals, renewable energy, and tourism.

Prime Minister Luxon expressed optimism about the partnership, describing India as a “game changer” for New Zealand. “When we look at the trading relationship today at $3 billion, there’s a huge opportunity for growth,” Luxon said, underlining the need to explore new frontiers where New Zealand holds a competitive advantage.

Goyal also stressed the importance of trusted partnerships amid global challenges. “The world is going through a lot of problems. A defining partnership between our two nations can serve as a model for collaboration and shared values,” he remarked. He noted that India’s economy, currently valued at $4 trillion, is projected to reach $30-35 trillion over the next 22-25 years, offering vast prospects for cooperation.

Tourism, education, and research were highlighted as key areas for enhancing people-to-people connections, with Goyal praising New Zealand’s innovative spirit and suggesting joint ventures in manufacturing for global markets.

Drawing a cricketing analogy, Goyal described the India-New Zealand partnership as “aggressive yet graceful, passionate but well-composed, and creating a strong innings.” He concluded with a call for decisive leadership, aiming to harness India’s young, aspirational population and New Zealand’s innovation to build a potent partnership admired globally.

Negotiations for the FTA are expected to proceed swiftly, with both sides expressing hope for a robust agreement that will deepen economic ties and pave the way for shared prosperity.