World News | Second Round of India-New Zealand FTA Negotiation Concludes in Delhi
Get latest articles and stories on World at LatestLY. The second round of negotiations for the India-New Zealand Free Trade Agreement (FTA) concluded successfully on Friday in New Delhi, further advancing the shared objective of strengthening bilateral trade and economic partnerships, according to a release from the Ministry of Commerce and Industry.
New Delhi [India], July 25 (ANI): The second round of negotiations for the India-New Zealand Free Trade Agreement (FTA) concluded successfully on Friday in New Delhi, further advancing the shared objective of strengthening bilateral trade and economic partnerships, according to a release from the Ministry of Commerce and Industry.
This development catalyses the shared commitment to deepen economic ties and guidance given by Prime Minister Narendra Modi during the visit of his New Zealand counterpart, Christopher Luxon, in March this year.
The FTA was launched during the meeting between Union Minister of Commerce and Industry, Piyush Goyal and Todd McClay, Minister for Trade and Investment, Government of New Zealand, on March 16 of this year, the release added.
Continuing the momentum generated during the first round held in May in New Delhi, the second round of negotiations was held from July 14 to 25. This round accomplished significant advancement in multiple areas, including trade in Goods and Services, Investment, Rules of Origin, Customs Procedures and Trade Facilitation, Technical Barriers to Trade, Sanitary and Phytosanitary Measures, and Economic Cooperation. Discussions were marked by mutual interest in achieving early convergence on several texts. Both sides reaffirmed their commitment to concluding a balanced, comprehensive, and forward-looking agreement, as per the Ministry.
According to the release, the Third Round of negotiations is scheduled to be held in New Zealand in September 2025. The intersessional virtual meetings will maintain the forward trajectory set in the second round.
The release noted that India's bilateral merchandise trade with New Zealand reached USD 1.3 billion in FY 2024-25, recording a growth of 48.6 per cent over the previous financial year, signaling the growing potential of the economic partnership. The FTA is expected to enhance trade flows, support investment linkages, promote supply chain resilience, and establish a predictable and enabling environment for businesses in both countries, it added. (ANI)
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