Union Commerce and Industry Minister, Piyush Goyal, who is currently in New Zealand for negotiations on the proposed free trade agreement (FTA), said the visit would be “historic” since it will lead to the finalisation of the trade pact between the two countries.
“I believe this is a historic visit because we are going to finalise the FTA very soon,” he said, adding that both sides respect each other’s “sensitivities” so that all nuances are addressed.
The minister is in Auckland on a four-day visit to review the progress of the FTA negotiations between the two countries. He met with his New Zealand counterpart, Todd McClay, to iron out any differences that remained in the final leg of discussions.
“Our teams have done a wonderful job. The few nuances that needed to be addressed are before us. A lot of things, in a spirit of accommodation, have been closed,” he said.
Goyal said talks will continue until the next day, and that they hope to “get a lot of work done”.
“I think we will get an FTA with New Zealand soon,” he stated.
Also Read: India protects its vulnerable sectors in FTAs: Piyush Goyal
When asked if the trade pact will help boost the current bilateral trade of about USD 1.5 billion, McClay said the pact will help boost trade significantly, especially in the agri-technology sector.
“We’ve seen over the last year, the two-way trade increased by 10 per cent, which is a very large increase when we think about the size of the two economies, and so we’re working hard to strike a deal that will give real opportunity to all Indian businesses in New Zealand and New Zealand businesses who are interested in working together in India,” he said.
The agreement will help boost cooperation in areas of agri-technology, science and innovation, the New Zealand trade minister said, adding that the two sides are making very good progress in the negotiations.
McClay is slated to visit India next week.
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