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India and New Zealand have inched closer to concluding the proposed free trade agreement (FTA) after the fourth round of negotiations ended successfully in Auckland, in the presence of India’s Commerce and Industry Minister, Piyush Goyal.

Goyal met with his New Zealand counterpart, Todd McClay, to review the progress of the trade talks, which were focused on goods market access, services, economic and technical cooperation, and investment opportunities, the minister said in a social media post.
“We look forward to working towards the early conclusion of a balanced, comprehensive and mutually beneficial agreement, in line with the growing strategic and economic convergence between India and New Zealand,” he said.

During this three-day visit, Goyal also held meetings with business leaders to discuss ways to boost trade and investments.  The minister expressed hope that a deal will be finalised and signed soon.

The FTA negotiations between the two nations were formally launched on March 16, 2025.

 

Also Read: ‘Historic’ NZ visit will clinch FTA, says Goyal

India’s bilateral merchandise trade with New Zealand stood at USD 1.3 billion in 2024-25, registering a growth of nearly 49 per cent over the previous year.

On the other hand, New Zealand’s average import tariff is just 2.3 per cent.

In a free trade agreement, two countries either significantly reduce or eliminate customs duties on the maximum number of goods traded between them. They also ease norms to promote trade in goods and services.

India and New Zealand began negotiating the Comprehensive Economic Cooperation Agreement (CECA) in April 2010 to boost trade in goods, services, and investment. After nine rounds of discussions, however, the talks stalled in 2015.

India’s key goods exports to New Zealand include clothing, fabrics, and home textiles; medicines and medical supplies; refined petrol; agricultural equipment and machinery such as tractors and irrigation tools, auto, iron and steel, paper products, electronics, shrimps, diamonds, and basmati rice.

The main imports are agricultural goods, minerals, apples, kiwifruit, meat products such as lamb, mutton, milk albumin, lactose syrup, coking coal, logs and sawn timber, wool, and scrap metals.