India, New Zealand aim to conclude FTA deal in 60 days

Commerce Minister Piyush Goyal has endorsed New Zealand Prime Minister Christopher Luxon’s ambitious proposal to finalize a Free Trade Agreement (FTA) between the two nations within 60 days. Speaking at the ‘India-New Zealand Economic Forum’ organized by FICCI on Tuesday, Goyal expressed confidence in expediting the process, stating that he aims to achieve the agreement “equally fast, maybe even faster.” “So we are two aspirational friends working together in a spirit of cooperation, respecting each other’s sensitivities. And we will be aspiring to do this equally fast, maybe faster,” Goyal told reporters on the sidelines of the ‘India-New Zealand Economic Forum’ organized by FICCI, while standing alongside New Zealand’s Minister of Trade and Investment, Todd McClay.
Goyal highlighted India’s prior achievement of signing a trade pact with the UAE in just 90 days, emphasizing that no one had anticipated such a swift conclusion. “But I’ve also always said that no free trade agreement is ever negotiated with a gun on anybody’s head. There’s never a timeline or a sacrosanct deadline. But it’s good to be aspirational. Both our leaders, Prime Minister Luxon and Prime Minister Modi, are ambitious about strengthening this relationship, creating opportunities for the youth of both countries, and leveraging the strengths of New Zealand and India,” Goyal added.
“Our job is to ensure that we do a good job, ensuring a win-win situation for both countries, resulting in expanded opportunities and economic growth.” He further expressed confidence that the India-New Zealand FTA would be a comprehensive agreement.
New Zealand’s Minister of Trade and Investment, Todd McClay, echoed similar sentiments, emphasizing the importance of delivering a strong agreement. “We have to make sure that we do a good job for the business communities of both India and New Zealand. Our negotiators will come together very soon. It’s encouraging to see that the relationship between India and New Zealand has strengthened to the point where our leaders are urging us to meet frequently and advance our discussions,” McClay said.
Earlier at the FICCI event, New Zealand Prime Minister Christopher Luxon reiterated his commitment to signing the FTA with Indian Prime Minister Narendra Modi within the proposed 60-day timeline. “We are very ambitious. We have massive aspirations. We can move forward in the world with positivity and confidence, ensuring that we achieve what we deserve. The people of our two countries deserve the best. Despite the challenges, we are well-positioned to accomplish exceptional results for both our nations in the years and decades ahead,” Luxon remarked in his address. India and New Zealand formally launched negotiations for a “comprehensive and mutually beneficial” Free Trade Agreement (FTA) on Sunday, coinciding with Luxon’s arrival in New Delhi for a five-day official visit.