India and New Zealand have resumed negotiations on a free trade agreement (FTA), which had stalled in 2015, India’s ministry of commerce said in a statement on Monday, March 17.
“The two nations are pleased to announce the launch of negotiations for a comprehensive and mutually beneficial India-New Zealand Free Trade Agreement (FTA) negotiations,” it said.
India and New Zealand began negotiating the Comprehensive Economic Cooperation Agreement (CECA) in April 2010 to boost trade in goods, services, and investment. However, after nine rounds of discussions, the talks stalled in 2015.
The announcement was made during the Prime Minister of New Zealand Christopher Luxon’s four-day India visit which started yesterday, March 16.
India’s commerce ministry made the announcement on the FTA talks after a meeting of commerce and industry minister, Piyush Goyal, and Todd McClay, New Zealand’s minister for trade and investment.
“The India-New Zealand FTA negotiations aim to achieve balanced outcomes that enhance supply chain integration and improve market access,” the statement said.