After a decade of stalled discussions, India and New Zealand have officially announced the resumption of negotiations for a proposed Free Trade Agreement (FTA). The announcement was made following the meeting between Commerce and Industry Minister Piyush Goyal and New Zealand’s Minister for Trade and Investment, Todd McClay.
The FTA negotiations, halted since 2015 after nine rounds, originally commenced in April 2010. Key objectives include improving supply chain integration and market access, aiming for balanced outcomes that foster mutual prosperity. With bilateral trade on the rise, crossing USD 1 billion earlier this year, the agreement targets further economic growth.
While New Zealand offers significant duty-free access to Indian goods, Indian negotiators face challenges concerning agricultural products like apples, kiwi, and dairy. These sectors are critical for discussion as India traditionally reserves significant concessions in dairy for rare instances.
(With inputs from agencies.)
