New Delhi, Sep 19 : The government on Friday said that the third round of negotiations for the India-New Zealand Free Trade Agreement (FTA) has concluded successfully in Queenstown.

The discussions reaffirmed the shared commitment of both nations to strengthen economic ties and work towards the early conclusion of a balanced and mutually beneficial agreement, according to a statement by the Ministry of Commerce and Industry.

The third round, held from September 15-19, witnessed constructive discussions across all areas of the agreement. Several chapters were concluded, and significant progress was achieved in other key domains.

Guided by the vision of Prime Minister Narendra Modi and his New Zealand counterpart Christopher Luxon, the negotiations reflected a common resolve to deepen bilateral trade, investment, and economic cooperation.

The FTA was formally launched on March 16, during the meeting between Union Commerce Minister Piyush Goyal and New Zealand's Minister for Trade and Investment, Todd McClay.

India's bilateral merchandise trade with New Zealand stood at $1.3 billion in FY2024'25, registering a growth of nearly 49 per cent over the previous year.

The proposed FTA is expected to further boost trade flows, promote investment linkages, strengthen supply chain resilience, and create a predictable framework for businesses in both countries.

Both sides agreed to maintain momentum through inter-sessional engagements.

The next round of in-person negotiations is scheduled to be held in New Delhi on October 13-14.

According to Goyal, India's exports have recorded a 6 per cent growth in the first five months of the current financial year and exuded confidence that the year would end "on a positive note".

"As far as exports are concerned, I have consistently said that India's exports are growing every year, and this year too, I expect exports to grow. Currently, we are seeing a growth of about six per cent compared to the corresponding five months of last year. I am very confident that we will end the year on a positive note," the minister said.

"At the same time, trade talks are ongoing with the United States, the European Union, New Zealand, Chile, Peru, Oman, and several other countries," he added.

/IANS