New Delhi, May 10 : India and New Zealand have reaffirmed their common vision and mutual understanding to work towards a future-ready framework and conclude the free trade agreement (FTA) this year.

In a major step towards expanding bilateral trade and investment engagement, the first round of negotiations for the India'New Zealand FTA concluded successfully in New Delhi. The next round will be held in July 2025.

'As India steadily advances its footprint through multiple trade agreements, this round reflects a steadfast commitment to enhance economic partnerships aligned with national priorities and global aspirations,' the Commerce Ministry said in a statement.

The first round followed a series of virtual discussions held between both partners which laid the groundwork for the in-person meeting. Constructive negotiations were held across all areas of FTA including Trade in Goods and Services, Trade Facilitation and mutually beneficial sectors of economic co-operation.

This engagement highlights the strategic importance both partners attach to building a mutually beneficial, balanced and a fair trade agreement.

This development builds on the shared commitment to deepen economic ties and guidance given by Prime Minister Narendra Modi during the visit of Christopher Luxon, Prime Minister of New Zealand, in March.

The FTA was launched during the meeting between Piyush Goyal, Minister of Commerce and Industry, and Todd McClay, Minister for Trade and Investment, Government of New Zealand on March 16.

Total merchandise trade between the two countries has reached $1.3 billion in financial year 2024'25, registering a strong growth of 48.6 per cent over the previous financial year.

This underscores the growing potential of India-New Zealand Economic Partnership. The FTA is expected to further elevate trade and investment potential, improve supply chain integration, and foster a predictable and transformative trading environment for businesses on both sides, according to the ministry.

/IANS