, India imported USD 0.84 billion worth of goods and services from New Zealand and exported USD 0.91 billion

India and New Zealand Initiate FTA Talks to Enhance Bilateral Trade and Economic Relations latest news: India and New Zealand have formally initiated negotiations for a full-fledged Free Trade Agreement (FTA) with the aim of enhancing their economic and trade ties. The news was announced on Sunday, just after New Zealand Prime Minister Christopher Luxon landed in New Delhi for a five-day official visit.

Union Minister of Commerce and Industry Piyush Goyal was hopeful about the FTA talks, noting the continuous increase in bilateral trade, which crossed USD 1 billion between April-January 2025. The negotiations for the FTA will provide new opportunities for consumers and businesses, eventually leading to mutual growth and prosperity of the two countries. There will be greater emphasis on supply chain integration and access to the market.

This milestone is a testament to a mutual vision of a more robust economic partnership, creating resilience and prosperity," the Ministry of Commerce said in its press release.

India and New Zealand have a long-standing cooperative relationship based on democratic values, robust people-to-people connections, and economic complementarities. Both nations have closely cooperated with each other over the years to enhance their bilateral relationship, especially trade and investment.

Prime Minister Luxon is accompanied by a senior delegation, such as ministers, senior government officials, business people, and members of the media, when he visits. His visit is his first official one to India since he took office. 

One important meeting was between Commerce Minister Piyush Goyal and New Zealand's Trade Minister Todd McClay in New Delhi, where they set the stage for the current FTA talks.

In 2023-24, India imported USD 0.84 billion worth of goods and services from New Zealand and exported USD 0.91 billion, resulting in the total trade value between the two nations being USD 1.75 billion. New Zealand's key imports from India are wool, iron and steel, fruits, nuts, and aluminum, whereas Indian exports to New Zealand are mostly pharmaceuticals, mechanical machinery, textiles, and precious stones.

Prime Minister Luxon will meet Indian Prime Minister Narendra Modi on Monday to discuss several facets of the bilateral relationship. Modi will also host a lunch in honor of the visiting dignitary. On March 17, Luxon will give the keynote address at the inaugural session of the 10th Raisina Dialogue 2025 in New Delhi.

The Prime Minister will travel to Mumbai on March 19-20, 2025, to interact with Indian business leaders and industry representatives.