India, New Zealand close to finalising Free Trade Agreement: Piyush Goyal

India and New Zealand are on the verge of finalising a Free Trade Agreement (FTA), Union Commerce and Industry Minister Piyush Goyal said on Thursday, terming it a major step towards enhancing bilateral economic cooperation between the two nations.

Speaking exclusively with ANI, Goyal 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. Describing his visit as “very useful,” Goyal highlighted 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," he said. The minister 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.

Also Read: India, New Zealand hold talks for fair and balanced FTA; Piyush Goyal says deal will unlock new opportunities

Calling the agreement an “important one,” Goyal said it would be “beneficial to farmers, fishermen and small business owners” in both countries and help increase investment and cooperation in trade, technology, education, defence, space, agriculture, and food processing.

He further stated that India and New Zealand “do not compete with each other” but rather “work together” to expand global trade.

New Zealand calls pace of talks ‘unprecedented’

Echoing Goyal’s optimism, New Zealand Trade Minister Todd McClay said that the negotiations had progressed faster than any other trade deal his country has been involved in.

"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," McClay said.

He pointed out that two-way trade between the countries had already grown by 10 per cent in the last year, adding, "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."

Also Read: India–NZ FTA Talks: Piyush Goyal visits New Zealand to review progress of ongoing negotiations

Beyond trade: cooperation in innovation and agriculture

McClay emphasised that the partnership would go 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," he said.

Both ministers underscored 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 noted, adding that such an understanding would help businesses in both countries "move more freely" and "invest in both directions." Concluding his remarks, Goyal said the partnership would play a key role in advancing India’s long-term economic goals. "This will be a very important trade agreement which will be helpful in the journey of Viksit Bharat till 2047," he said.