India, New Zealand close to finalising FTA: Piyush Goyal

India and New Zealand are on the verge of finalising a Free Trade Agreement (FTA), Union Commerce and Industry Minister Piyush Goyal said, calling it a major step toward strengthening bilateral economic cooperation. Speaking after discussions with New Zealand’s Trade Minister Todd McClay, Goyal said negotiations have progressed significantly and only a few issues remain to be resolved. He described his visit as “very useful,” adding that talks have advanced in a “spirit of respect and accommodation.” The minister said the FTA would mark the “starting point of a long relationship” covering trade, technology, education, defence, agriculture, and food processing, and would be “beneficial to farmers, fishermen, and small business owners” in both countries.

Reviewed the ongoing India–New Zealand FTA negotiations with my counterpart, Todd McClay, and the chief negotiators from both sides.

Our teams are working towards a future-ready and balanced trade pact that respects our sensitivities while deepening economic ties, opening new… pic.twitter.com/afAZdTq22s

— Piyush Goyal (@PiyushGoyal) November 6, 2025

Echoing Goyal’s optimism, McClay said the negotiations had moved at an “unprecedented pace,” with five rounds completed since their launch earlier this year. “I can’t think of another trade negotiation that New Zealand’s been involved in that has progressed this fast,” he said. The minister noted that two-way trade between the two nations had already grown by 10 per cent in the last year and that both sides are working to strike a deal that “will give real opportunity to all Indian businesses in New Zealand and New Zealand businesses in India.”McClay emphasised that the partnership extends beyond trade in goods to collaboration in science, innovation, and agriculture. “It’s much more than just what we might buy and sell from each other. It’s about how we can cooperate to help Indian farmers be more productive,” he said. Both ministers underscored that the agreement would be designed for long-term sustainability, balancing the interests of both sides. “It will be a win-win and must be complementary,” McClay added.

#WATCH | Auckland: On FTA (Free Trade Agreement) between India and New Zealand, New Zealand's Trade and Investment Minister Todd McClay says, "...Minister Goyal and I, with our officials, have been working very hard. There's been an unprecedented number of negotiating rounds so… pic.twitter.com/4Pc42mzu5e

— ANI (@ANI) November 5, 2025

According to official data, total bilateral trade in goods and services between India and New Zealand stands at around USD 1.75 billion. New Zealand’s key exports to India include wool, iron and steel, fruit and nuts, and aluminium, while India exports pharmaceuticals, machinery, textiles, and precious stones to New Zealand. Goyal concluded that the upcoming FTA would play a vital role in India’s economic vision, calling it “an important agreement that will support the journey of Viksit Bharat till 2047.”Meanwhile,As part of the next phase of engagement, McClay is scheduled to visit India next week, leading a high-level business delegation. The delegation will travel to Mumbai and New Delhi for a series of meetings aimed at deepening bilateral economic ties. Sources say a key focus area of cooperation will be farming and farm technology, with New Zealand planning substantial long-term investments in India’s agricultural infrastructure. Initially, core raw materials for paper manufacturing will be sourced from New Zealand, but over time, the country is expected to follow Singapore’s model investing directly in production facilities within India to cater to domestic and regional markets, according to information.

(Business Correspondent)