New Delhi, March 16 (IANS) India and New Zealand on Sunday announced the launch of negotiations for a comprehensive and mutually beneficial Free Trade Agreement (FTA) negotiations. The announcement came as New Zealand Prime Minister Christopher Luxon received a warm welcome as he arrived in Delhi for his first official visit to the country. According to a statement by the Ministry of Commerce and Industry, the significant step was marked by a meeting between Minister for Commerce and Industry, Piyush Goyal, and Todd McClay, New Zealand's Minister for Trade and Investment, laying the foundation for a momentous partnership towards strengthening the economic and trade ties between the two countries.

Both the nations "share a longstanding partnership founded on shared democratic values, strong people-to-people ties, and economic complementarities", said the ministry. Both countries have continuously worked towards building their bilateral relationship encompassing trade and investment. The India-New Zealand FTA negotiations aim to achieve balanced outcomes that enhance supply chain integration and improve market access. This milestone reflects a shared vision for a stronger economic partnership, fostering resilience and prosperity.

Luxon, who will be in India until March 20, is accompanied by a high-level delegation comprising ministers, senior officials, business leaders, media representatives, and members of the Indian diaspora in New Zealand. During his visit, Luxon will hold talks with Prime Minister Narendra Modi on March 17, focusing on various aspects of India-New Zealand relations. Following their discussions, PM Modi will host a lunch in his honour. Luxon will also call on President Droupadi Murmu on the same day.

Additionally, Luxon is set to attend the inaugural session of the 10th Raisina Dialogue 2025 on March 17 as the chief guest, where he will deliver the keynote address. On March 19-20, he will visit Mumbai to engage with Indian business leaders and representatives from various sectors. He is scheduled to depart for Wellington from Mumbai on March 20. In 2023-24, New Zealand exported $0.84 billion of total goods and services to India and imported $0.91 billion and a total trade value of $1.75 billion.

/IANS