India’s Commerce and Industry Minister Piyush Goyal, currently on an official visit to New Zealand to further strengthen bilateral economic and trade relations, met the Kiwi Minister for Trade Todd McClay at the India-New Zealand Business Forum in Auckland. Calling upon both countries to explore innovative avenues of cooperation to deepen their economic partnership, he underscored the immense potential for collaboration across sports, education, technology, tourism, forestry, and the maritime sector.The 4th Round of India-New Zealand Free Trade Agreement (FTA) negotiations is currently underway in Auckland, from 3rd to 7th November. Negotiations in this round are focusing on key areas, including Trade in Goods, Trade in Services, and Rules of Origin. A press statement by India’s Ministry of Commerce and Industry read: “Both sides are working constructively to build on the progress achieved in earlier rounds, to reach convergence on outstanding issues and move towards the early conclusion of the FTA,” with both sides having “reiterated their commitment to developing a forward-looking and inclusive trade framework that supports sustainable growth and shared prosperity for both economies.”
Goyal commended the largest-ever Indian business delegation visiting New Zealand for their active participation in fostering bilateral economic ties. Commending the Indian cricket team for their recent win in the women’s 50-over world cup, he told the audience in New Zealand that “Cricket is a passion for both the countries, but we also want to defeat the same country”. With India conducting several FTA negotiations simultaneously, he indicated that the Ministry has run out of bandwidth for negotiations with officers moving from one negotiation to another. He added on a lighter note that he has to keep in mind while switching through video conferences that he doesn’t “concede to the Europeans what was intended for New Zealand.”
Goyal said that discussions for the potential FTA were progressing with mutual respect and a shared commitment to achieving balanced outcomes. He highlighted that New Zealand stands to benefit from access to India’s vast and rapidly growing market, while India can leverage New Zealand’s technological expertise and niche capabilities to build mutually rewarding cooperation. He acknowledged the vital contribution of the 3 lakh-strong and growing Indian diaspora in strengthening New Zealand’s economy and enhancing cultural and people-to-people ties, encouraging the Indian community to remain loyal to their “Karambhumi” while carrying the values of their “Janmabhumi” in their hearts.The Kiwi Prime Minister Christopher Luxon spoke of New Zealand’s strong support for India’s emergence as a global economic powerhouse, stating that India is on track to become the world’s third-largest economy, describing the Indian diaspora as a “bridge” that strengthens the bonds between the two nations.
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