New Delhi [India], May 10 (ANI): In a major step towards expanding bilateral trade and investment engagement, the first round of negotiations for the India-New Zealand Free Trade Agreement (FTA) concluded successfully on Friday in Delhi. The negotiations were held from 5-9 May, an official statement from Ministry of Commerce & Industry said.

This development builds on the shared commitment to deepen economic ties and guidance given by Prime Minister Narendra Modi during the visit of Christopher Luxon, Prime Minister of New Zealand in March, the stament added

The FTA was launched during the meeting between Piyush Goyal, Minister of Commerce and Industry, and Todd McClay, Minister for Trade and Investment of New Zealand on March 16.

The First Round followed a series of virtual discussions held between both partners which laid the groundwork for the in-person meeting. Constructive negotiations were held across all areas of FTA including Trade in Goods and Services, Trade Facilitation and mutually beneficial sectors of economic co-operation. This engagement highlights the strategic importance both partners attach to building a mutually beneficial, balanced and a fair trade agreement.

The bilateral trade relationship has seen a sharp upward trajectory in recent years. Total merchandise trade between the two countries has reached USD 1.3 billion in the financial year 2024-25, registering a strong growth of 48.6 per cent over the previous financial year.

This underscores the growing potential of the India-New Zealand Economic Partnership. The FTA is expected to further elevate trade and investment potential, improve supply chain integration, and foster a predictable and transformative trading environment for businesses on both sides, the statement said.

Both countries reaffirmed their common vision and mutual understanding to work towards a future-ready framework and conclude the FTA this year. The next round will be held in July 2025.

As India steadily advances its footprint through multiple trade agreements, this round reflects a steadfast commitment to enhancing economic partnerships aligned with national priorities and global aspirations. (ANI)