New Delhi, March 2025 – Commerce Minister Piyush Goyal has endorsed New Zealand Prime Minister Christopher Luxon’s ambitious proposal to finalize a Free Trade Agreement (FTA) between the two nations within 60 days. Speaking at the ‘India-New Zealand Economic Forum’ organized by FICCI on Tuesday, Goyal expressed confidence in accelerating the process, stating that he aims to achieve the agreement “equally fast, maybe even faster.”
“So we are two aspirational friends working together in a spirit of cooperation, respecting each other’s sensitivities. And we will be aspiring to do this equally fast, maybe faster,” Goyal said, while standing alongside New Zealand’s Minister of Trade and Investment, Todd McClay.
Goyal highlighted India’s prior achievement of signing a trade pact with the UAE in just 90 days, emphasizing the feasibility of a swift conclusion.
“But I’ve also always said that no free trade agreement is ever negotiated with a gun on anybody’s head. There’s never a timeline or a sacrosanct deadline. But it’s good to be aspirational. Both our leaders, Prime Minister Luxon and Prime Minister Modi, are ambitious about strengthening this relationship, creating opportunities for the youth of both countries, and leveraging the strengths of New Zealand and India,” he added.
A Comprehensive Trade Agreement in the Making
Goyal further expressed confidence that the India-New Zealand FTA would be a comprehensive agreement covering all critical aspects of trade relations.
“We don’t foresee any difficulties. We will cover the entire gamut of a full-fledged comprehensive economic partnership between New Zealand and India, addressing every issue of mutual interest,” he assured.
New Zealand’s Minister of Trade and Investment, Todd McClay, echoed similar sentiments, emphasizing the importance of delivering a strong agreement that benefits businesses in both nations.
“Our negotiators will come together very soon. It’s encouraging to see that the relationship between India and New Zealand has strengthened to the point where our leaders are urging us to meet frequently and advance our discussions,” McClay stated.
New Zealand Prime Minister Luxon Reaffirms Commitment
Speaking at the FICCI event, New Zealand Prime Minister Christopher Luxon reiterated his commitment to signing the FTA with Indian Prime Minister Narendra Modi within the proposed 60-day timeline.
“We are very ambitious. We have massive aspirations. We can move forward in the world with positivity and confidence, ensuring that we achieve what we deserve. The people of our two countries deserve the best. Despite the challenges, we are well-positioned to accomplish exceptional results for both our nations in the years and decades ahead,” Luxon remarked.
India and New Zealand formally launched negotiations for a “comprehensive and mutually beneficial” Free Trade Agreement (FTA) on Sunday, coinciding with Luxon’s arrival in New Delhi for a five-day official visit.
Bilateral Trade Relations and Economic Ties
A meeting between Commerce Minister Piyush Goyal and his New Zealand counterpart Todd McClay in New Delhi laid the groundwork for strengthening economic and trade ties between the two nations.
In the fiscal year 2023-24, New Zealand exported goods and services worth USD 0.84 billion to India, while India’s exports to New Zealand amounted to USD 0.91 billion, bringing the total trade value to USD 1.75 billion. India primarily imports wool, iron and steel, fruits and nuts, and aluminum from New Zealand, while Indian exports to New Zealand include pharmaceuticals, mechanical machinery, textile articles, pearls, precious stones, and metals.
Luxon’s Official Visit to India
At the invitation of Prime Minister Narendra Modi, New Zealand Prime Minister Christopher Luxon is visiting India from March 16 to 20. He is accompanied by a high-level delegation comprising ministers, senior officials, business representatives, media personnel, and members of the Indian diaspora in New Zealand. This marks Prime Minister Luxon’s first visit to India in his current capacity.
On Monday, Luxon held discussions with Prime Minister Modi, covering various aspects of India-New Zealand relations. Additionally, Luxon served as the chief guest and keynote speaker at the inaugural session of the 10th Raisina Dialogue 2025, held on March 17 in New Delhi.
As part of his itinerary, Luxon will visit Mumbai on March 19-20, where he is scheduled to engage with Indian business leaders and representatives from diverse sectors. His visit underscores the commitment of both nations to deepening economic cooperation and strengthening diplomatic ties.
