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Prime Minister Christopher Luxon and Trade and Investment Minister Todd McClay today announced New Zealand and India have formally launched negotiations on a Comprehensive Free Trade Agreement.
McClay held extensive discussions with his Indian counterpart Piyush Goyal in New Delhi today, March 17, where they agreed to launch negotiations.
“This announcement is a major breakthrough in the economic relationship between India and New Zealand,” Luxon says.
“When we came into Government 16 months ago, we made it clear that closer economic ties with India was a key priority.
“Currently the fifth-largest economy in the world, with a population of 1.4 billion people, India holds significant potential for New Zealand and will play a pivotal role in doubling New Zealand’s exports by value over the next 10 years.
“This announcement comes off the back of a major lift in political engagement with India.
“Todd McCay has visited five times and had eight meetings with his Indian counterpart.
“Foreign Affairs Minister Winston Peters has also visited, and I had a highly productive meeting with [Indian] Prime Minister Narendra Modi last year.”
A Comprehensive Free Trade Agreement is only one part of the Government’s commitment to stepping up all facets of the New Zealand-India relationship, Luxon says.
McClay says alongside trade agreement negotiations, New Zealand will continue to invest in stronger, deeper, more sustainable connections with India across all pillars of the relationship, including political, defence and security, sporting, environmental, and people-to-people connections.
“One in four Kiwi jobs rely on trade and last year our export revenue added $100 billion to the economy.
“Strong agreements and relationships like this ensure every New Zealander has good job opportunities, higher wages and access to world-class public services.”
