Hope to sign FTA with India in 60 days, says New Zealand PM

India and New Zealand are hoping to sign a full-fledged, comprehensive free trade agreement (FTA) within the next two months, said the New Zealand Prime Minister Christopher Luxon.

He was speaking at the India-New Zealand Economic Summit, which has been organised by the Federation of Indian Chambers of Commerce & Industry (FICCI) here on Tuesday.

“Let's drive this relationship forward, and I look forward to seeing PM Narendra Modi sign that agreement in 60 days,” Luxon said.

Commerce and Industry Minister Piyush Goyal said the proposed trade deal could expand bilateral trade by 10 times in a decade. Considering that both countries are at different stages of development, there could be cooperation in agri-tech, dairy, food processing, pharmaceuticals, renewable energy, critical minerals, forestry, horticulture, tourism and sports.

India and New Zealand, on Sunday, announced the restart of FTA negotiations. Both the countries had entered into FTA negotiations 14 years ago, but talks stalled after 10 rounds of discussions. No formal round of negotiation took place after February 2015.

Through an FTA, New Zealand has been pushing for greater market access for agriculture products and wine. However, India has been protecting its agriculture sector and alcohol, by maintaining high import tariffs on such products.