India, New Zealand look to fast-track free trade deal

India and New Zealand have set a 60-day deadline to finalize their free trade agreement, with Kiwi Premier Christopher Luxon expressing confidence in trade minister Piyush Goyal and his counterpart Todd McClay securing a comprehensive deal within that timeframe.

Addressing the ‘India-New Zealand Economic Forum,’ organized by industry lobby Ficci and the New Zealand High Commission in India on Tuesday, Luxon said eight meetings held between Goyal and McClay in the past 16 months have laid the groundwork for strengthening economic and trade ties between the two nations.

Luxon, however, told media later not to take that deadline literally, but stressed both sides wanted talks to move with pace, Radio New Zealand (RNZ) reported.

Endorsing Luzon’s proposal to finalize an FTA in 60 days, Goyal said the partnership between the two countries would be “strong and unbeatable.”

Advocating the need to explore new sectors where both nations have real advantages, Luxon said, “I feel optimistic about the future of both India and New Zealand. India is a game changer, a consequential relationship for us. Together, we have recognized that there is a lot more that the two countries should be doing together.”

He said that as a government, “we can set up the operating system and create a suitable environment for the industry to grow and create opportunities.”

“In a multipolar world, India is a huge geopolitical player not only at a regional level but also at a global level. India is the fifth largest economy, getting to the third largest by 2030, and is a huge economic engine,” the Prime Minister said. “Together, there is every possibility of achieving 10X growth between India and New Zealand in the next 10 years. ”

Goyal said: “We have a big delta of opportunity in the country, but we do believe that this opportunity is best worked upon when we work with friends across the world, with democracies across the world, with countries where the rule of law prevails, the democracies around the world where businesses get equal opportunity, get a fair deal are able to work in a spirit of competitiveness, yet fairness and that is what I believe the New Zealand India partnership is all about.”

Highlighting the potential sectors, Goyal said agri-tech, dairy, food processing, pharma renewable energy, critical minerals, forestry, horticulture, tourism, and sports are areas where India and New Zealand can work together. Education and research are also areas where both countries must focus.

He noted that New Zealand’s huge amount of opportunity and innovation can reach the whole world through India.

“Manufacturing in India, producing in India for the world at competitive prices, can help us take this partnership to greater heights,” he added.

Seven MoUs were signed during the event across sectors, including education, aviation, hospitality, and data security.

FICCI also renewed its MoU with the India-New Zealand Business Council, emphasizing its significance in strengthening bilateral trade and investment ties.