India-NZ Trade Breakthrough: How Sector-Specific Pact Balances Mutual Gains

Goyal, who is in New Zealand for trade talks, said the discussions were held in a spirit of warmth and mutual respect. "I feel that with a lot of enthusiasm and respect, my team, our India's delegation and I were welcomed here, and in reality, the relationship between India and New Zealand should increase. The basic principle of both the countries is that if we increase mutual relations, it is beneficial for both the countries," he said.

He added that the talks were "very good" and reflected the strong intent on both sides to deepen ties. "The way [New Zealand] Prime Minister Luxon spent so much time with me and the ministers and all the people of India who live here, the people of India's roots, I have spent a lot of time with them, about 45 minutes. It shows that the people of India get a lot of respect here; they have respect and importance," Goyal noted.

The minister underlined that the proposed Free Trade Agreement (FTA) will be shaped with the interests of both countries in mind. "It will be a good trade deal, keeping in mind the interests of both the countries. Keeping in mind the things that are sensitive in both the countries, in which we do not have to compromise in any way, keeping all those things in mind, this deal will be final," he said.

Goyal explained that from the outset, both sides agreed not to engage in areas deemed sensitive. "Both the ministers had decided on the first day itself that we will not touch the things that are sensitive to us. We will focus on the things that can increase the trade between the two countries," he said.

"The deal will not be finalized until it is completely finalized. And I think that if you go to make a deal according to the time limit, then mistakes also happen," he said, adding, "On both sides, the intentions of both the countries are firm, the intentions are good. The work done with good intentions is good and we will finalize a good deal on the day it is finalized."

While indicating that the talks could conclude soon or take some more time, Goyal said time should not be a constraint for an agreement aimed at a lasting partnership. "It can be done soon or it can take some time. Time is not so important because it is being set for a long future. So, we should not be in a hurry at that time. But if a good deal is made, there is no point in delaying it," he said.

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's key imports from New Zealand include wool, iron and steel, fruit and nuts, and aluminium, while its main exports to New Zealand comprise pharmaceuticals, machinery, made-up textile articles, and precious stones and metals.

- ANI