New Delhi: India and New Zealand are actively working to finalize a comprehensive and mutually beneficial Free Trade Agreement (FTA), Commerce and Industry Minister Piyush Goyal announced on Tuesday. He stressed the importance of achieving robust growth in bilateral trade over the next decade. After a 10-year hiatus, both nations resumed FTA negotiations on Saturday, aiming to strengthen economic ties amid rising geopolitical tensions. Goyal encouraged business leaders from both countries to play a proactive role in advancing this initiative.

“There are very few areas where we compete, and the sensitive ones can be addressed with mutual understanding. Given our differing levels of development, we have vast opportunities for collaboration in sectors like agri-tech, dairy, food processing, pharmaceuticals, renewable energy, critical minerals, forestry, horticulture, tourism, and sports,” Goyal stated.

New Zealand’s Prime Minister Christopher Luxon expressed enthusiasm about strengthening economic relations and exploring new sectors where New Zealand has a competitive advantage. “I am incredibly optimistic about the future of both India and New Zealand. For us, India is a game changer. As a smaller nation, India represents a significant relationship. There is a lot more our countries should be doing together. With bilateral trade currently at $3 billion, there is a huge opportunity for growth,” Luxon remarked.

The renewed FTA discussions mark a crucial step in deepening trade and investment ties between the two nations. Both governments are keen to create a framework that fosters economic cooperation, encourages business investments, and expands trade avenues, paving the way for a stronger and more resilient partnership.

Disclaimer: This image is taken from PTI.