Rotorua: Commerce and industry minister Piyush Goyal Thursday said talks for a free trade agreement (FTA) between India and New Zealand are progressing fast and expressed hope that the pact will be finalised soon.
Goyal, who is on his first official visit to New Zealand from November 5 to 8 to review the progress of the FTA negotiations, said both sides are respecting each other's sensitivities.
"I believe this is a historic visit also because we are going to finalise the FTA very soon... we were negotiating critical issues and we have made significant progress," Goyal said and added: "Our teams have done a wonderful job. The few nuances that need to be addressed are before us. A lot of things, in the spirit of accommodation, have been closed."
"Talks will continue tomorrow also and hope to get a lot of work done. Therefore, I think, we will get an FTA with New Zealand soon... you'll be able to see good results soon," Goyal said.
India's goods exports to New Zealand in April-September totalled $298.48 million, while imports amounted to $302.5 million. Dairy and agriculture are politically sensitive areas for India.
The two sides began negotiating a trade pact in April 2010 but the talks were stalled in 2015.
The third round of negotiations for the agreement concluded on September 19 in Queenstown, New Zealand. The fourth round is in progress. Trade in goods and services, and investment are part of the pact.
On being asked if the trade pact will help boost the current bilateral trade of about $1.5 billion, New Zealand trade minister Todd McClay said the pact will help boost trade significantly.
The minister said India is looking at FTAs as a starting point and not an endgame.
"We've seen over the last year, the two-way trade increased by 10%, which is a very large increase when we think about the size of the two economies," he said.
The pact will also help boost cooperation in areas of agri technology, science and innovation, McClay said, adding the two sides are making very good progress in the negotiations. He will also visit India next week.
Noting that the two nations do not compete with each other, Goyal also said that it's a bilateral trade agreement, beneficial to farmers, fishermen and small business owners of both nations, increases investment and trade, technology, education, defence, space, agriculture and food processing.
When asked if technology transfer in the agri and dairy sector under FTA is possible from New Zealand to India, McClay said "yes". New Zealand is a major dairy player in the world.
(The reporter is in New Zealand at the invitation of Ficci)
Goyal, who is on his first official visit to New Zealand from November 5 to 8 to review the progress of the FTA negotiations, said both sides are respecting each other's sensitivities.
"I believe this is a historic visit also because we are going to finalise the FTA very soon... we were negotiating critical issues and we have made significant progress," Goyal said and added: "Our teams have done a wonderful job. The few nuances that need to be addressed are before us. A lot of things, in the spirit of accommodation, have been closed."
"Talks will continue tomorrow also and hope to get a lot of work done. Therefore, I think, we will get an FTA with New Zealand soon... you'll be able to see good results soon," Goyal said.
India's goods exports to New Zealand in April-September totalled $298.48 million, while imports amounted to $302.5 million. Dairy and agriculture are politically sensitive areas for India.
The two sides began negotiating a trade pact in April 2010 but the talks were stalled in 2015.
The third round of negotiations for the agreement concluded on September 19 in Queenstown, New Zealand. The fourth round is in progress. Trade in goods and services, and investment are part of the pact.
On being asked if the trade pact will help boost the current bilateral trade of about $1.5 billion, New Zealand trade minister Todd McClay said the pact will help boost trade significantly.
The minister said India is looking at FTAs as a starting point and not an endgame.
"We've seen over the last year, the two-way trade increased by 10%, which is a very large increase when we think about the size of the two economies," he said.
The pact will also help boost cooperation in areas of agri technology, science and innovation, McClay said, adding the two sides are making very good progress in the negotiations. He will also visit India next week.
Noting that the two nations do not compete with each other, Goyal also said that it's a bilateral trade agreement, beneficial to farmers, fishermen and small business owners of both nations, increases investment and trade, technology, education, defence, space, agriculture and food processing.
When asked if technology transfer in the agri and dairy sector under FTA is possible from New Zealand to India, McClay said "yes". New Zealand is a major dairy player in the world.
(The reporter is in New Zealand at the invitation of Ficci)
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