New Zealand and India have formally launched negotiations for a Free Trade Agreement (FTA), aiming to enhance economic cooperation and trade between the two countries.
New Zealand’s Prime Minister Christopher Luxon and Trade and Investment Minister Todd McClay announced the initiative on Monday. McClay met with India’s Commerce and Industry Minister Piyush Goyal in New Delhi, where both officials agreed to begin negotiations. The discussions are expected to focus on expanding trade opportunities, investment, and business collaboration.
In a statement, Prime Minister Luxon described the negotiations as a significant step in strengthening economic relations with India. He noted that India, as the world’s fifth-largest economy with a population of 1.4 billion, represents a potential market for New Zealand businesses. The trade discussions align with New Zealand’s broader economic objectives, including a goal to increase export value over the next decade.
The negotiations follow a series of diplomatic engagements between the two nations. Trade Minister McClay has made multiple visits to India, engaging in discussions with his Indian counterparts. Foreign Affairs Minister Winston Peters and Prime Minister Luxon have also held meetings with Indian leaders to explore areas of cooperation.
According to McClay, the FTA negotiations are part of a broader effort to strengthen ties with India, covering trade, investment, and other sectors such as defense, security, and environmental initiatives. He emphasized the importance of trade to New Zealand’s economy, highlighting that export revenue plays a significant role in supporting jobs and economic growth.
Formal negotiations are set to commence next month as both countries work toward an agreement that could enhance trade and economic relations.
Your source for supply chain logistics news updates: The Supply Chain Report. Enhance your international trade knowledge at ADAMftd.com.
#NZIndiaFTA #FreeTrade #TradeNegotiations #GlobalEconomy #BilateralTrade #EconomicPartnership #TradeAgreement
