 "Piyush Goyal, India's Minister for Commerce and Industry and Todd McClay, New Zealand's Minister for Trade and Investment. Image/PIB")
India and New Zealand announced on Sunday the resumption of negotiations for a proposed free trade agreement, which had been stalled since 2015.
The two countries began discussions on the Comprehensive Economic Cooperation Agreement (CECA) in April 2010 to enhance trade in goods, services, and investments. However, after nine rounds of talks, the negotiations came to a halt in 2015. The renewed efforts mark a significant step toward revitalising economic ties between the two nations.
”The two nations are pleased to announce the launch of negotiations for a comprehensive and mutually beneficial India-New Zealand Free Trade Agreement (FTA) negotiations,” the commerce ministry said.
A significant milestone was achieved during a meeting between India’s Minister for Commerce and Industry Piyush Goyal, and New Zealand’s Minister for Trade and Investment, Mr. Todd McClay. This meeting laid the groundwork for a landmark partnership to strengthen economic and trade relations between the two nations.
The India-New Zealand FTA negotiations focus on achieving balanced outcomes that enhance supply chain integration and expand market access. This development underscores a shared commitment to building a robust economic partnership, fostering resilience, and driving mutual prosperity.
The announcement assumes significance as the Prime Minister of New Zealand Christopher Luxon is here on a four-day visit from March 16.
The ministry made the announcement after the meeting of Commerce and Industry Minister Piyush Goyal and Todd McClay, New Zealand’s Minister for Trade and Investment.
Impact Shorts
View All”The India-New Zealand FTA negotiations aim to achieve balanced outcomes that enhance supply chain integration and improve market access,” it said.
Later in the day, External Affairs Minister S Jaishankar will call on Christopher Luxon. On Monday, he will lay a wreath at Raj Ghat to pay tribute to Mahatma Gandhi, according to the media advisory released by MEA.
During his visit, Luxon and PM Narendra Modi will meet at Hyderabad House in Delhi on Monday. The leaders will see an exchange of MoUs at the Hyderabad House, and later in the day, PM Luxon will meet President Droupadi Murmu at the Rashtrapati Bhavan, according to MEA. On Tuesday, New Zealand PM Christopher Luxon will meet Union Minister of Health and Family Welfare JP Nadda.
He will travel to Mumbai on Wednesday. During his visit to Mumbai, Maharashtra Chief Minister Devendra Fadnavis will call on Christopher Luxon. New Zealand PM Christopher Luxon will meet Maharashtra Governor CP Radhakrishnan. He will depart from India on March 20.
With inputs from agencies