Goyal: A balanced FTA with NZ can unlock opportunities

AUCKLAND: A fair and balanced free trade agreement (FTA) with New Zealand can unlock new opportunities and benefit people on both sides, commerce and industry minister Piyush Goyal said on Wednesday.Goyal, who is on a four-day trip to New Zealand, met his counterpart Tod McClay, and the business community in Auckland. This is the first visit by an Indian commerce minister in nearly 14 years and comes as the two countries launched a fresh round of negotiations.New Zealand's prime minister Christopher Luxon also joined Goyal at a function organised by the Indian diaspora and highlighted the growing economic and strategic ties between the two nations.Goyal said that significant progress has been made in the talks of the planned FTA with New Zealand and hoped that deal would be sealed soon. He did not give a timeline.The minister also said that India has never compromised on the interest of farmers, fishermen, vishwakarmas and MSMEs. "We consistently protect the interest of the vulnerable sections. We consistently ensure that our priorities remain in the best interest of the people of India," said Goyal.

Negotiators from India and New Zealand have begun their fourth round of talks to bridge the gaps that still remain.Goyal also said that India can look at collaboration in farming technologies, such as dairy machinery, as New Zealand has a strong presence in that segment.Asked whether more rounds of talks would be needed for the deal to be stamped, Goyal said, "We may not need many more rounds as significant progress has been made".Goyal also said that several sectors hold huge potential between India and New Zealand to deepen cooperation, including in defence, agriculture, space, education, tourism, movies and sports.In March, India and New Zealand decided to relaunch negotiations for a free trade after a gap of 10 years, a move aimed at deepening economic ties between the two countries against the backdrop of geopolitical tensions.India has stitched several FTAs with key partners, including the UK, and deal with the European Union is expected soon. There are expectations that the US will sign a trade deal with India and also resolve some of the tariffs imposed on India for purchasing Russian oil .