Auckland [New Zealand], November 5 (ANI): India and New Zealand have reaffirmed their commitment to a balanced and comprehensive Free Trade Agreement (FTA), as Union Minister of Commerce and Industry Piyush Goyal met his counterpart, New Zealand's Minister for Trade, Todd McClay, in Auckland to review ongoing negotiations.

The talks aim to strengthen economic cooperation and open new opportunities for businesses in both nations.

Goyal, who is on an official visit to New Zealand, said the discussions are progressing in a spirit of warmth and respect.

He expressed gratitude to McClay for the cordial welcome and said the partnership would grow stronger through mutual understanding. 'Delighted to be in New Zealand to review the progress of the ongoing FTA negotiations. Grateful to my good friend and counterpart, Todd McClay, for the warm welcome,' Goyal said.

Speaking at the New Zealand-India Business Forum, Goyal emphasized that the trade relationship must rest on realistic expectations and long-term vision. 'Every trade relationship must be seen in its proper context. What I do with the European Union or ASEAN cannot become a benchmark for what I will be able to do with New Zealand. Size and scale have to be taken into consideration,' he said.

While current trade volumes remain modest, there is vast potential for growth. India's key imports from New Zealand include wool, iron and steel, and fruits, while exports to New Zealand include pharmaceuticals, machinery, and precious stones. Goyal identified agriculture, maritime cooperation, aerospace, and defence as among areas of potential collaboration.

McClay described India as a 'strategic priority' for New Zealand and said the ongoing negotiations were focused on fairness and balance.

'We were committed early on that we would only launch negotiations if we thought we could get it done. Minister Goyal and I, with our officials, have been working very hard. There's been an unprecedented number of negotiating rounds so far,' he said, adding, 'We're optimistic but we want to make sure we get it right.'

McClay noted that both governments were determined to make the FTA work for their citizens. 'This trade agreement is not about today or tomorrow or the next year. It's about the next 20 years and how much we achieve together,' he said.

The fourth round of FTA talks, which began on November 3 in Auckland, mark a key step in deepening bilateral trade ties. Both ministers said they were focusing on expanding cooperation in innovation, technology, and sustainable growth. Air India and Air New Zealand are also working to launch direct flights by 2028 to strengthen business and people-to-people connections.

Goyal said the deal would only be finalized once all concerns were addressed. 'It will be a good trade deal, keeping in mind the interests of both countries. We will focus on what can increase trade between us,' he said. He added that rushing the process could lead to mistakes and emphasised the importance of taking the necessary time to achieve a durable agreement.

According to Goyal, both sides share a clear intent and goodwill. 'The work done with good intentions is good, and we will finalise a good deal on the day it is finalised,' he said.

According to official figures from Statistics New Zealand and India's Ministry of Commerce, the total bilateral trade in goods and services between India and New Zealand reached USD 1.75 billion in 2023-24, with New Zealand exporting USD 0.84 billion worth of goods and services to India and importing USD 0.91 billion from India.

India is actively negotiating trade agreements with nearly a dozen countries, including New Zealand, in a bid to expand trade and secure long-term growth opportunities. (ANI)