Sixteenth Finance Commission submits its Report for the award period from 2026-27 to 2030-31 to the President of India

Mumbai:17/11/25:Union Minister of Commerce & Industry Shri Piyush Goyal today held a bilateral meeting with New Zealand’s Minister for Trade, Todd McClay, in Mumbai to advance discussions on the proposed India–New Zealand Free Trade Agreement (FTA). The engagement marked a significant step in the ongoing negotiations, with both Ministers focusing on convergence across key disciplines related to trade in goods and services.

Both sides acknowledged that the recent round resulted in substantive progress, with closure achieved on several elements and a clear shared understanding emerging on pathways to an early and mutually satisfactory conclusion of the agreement.

The Ministers noted that bilateral merchandise trade between India and New Zealand reached USD 1.3 billion in FY 2024–25, registering a strong growth of nearly 49 percent. They emphasized that a comprehensive and well-balanced FTA would not only accelerate trade flows but also deepen investment linkages, strengthen supply-chain resilience, and provide a transparent, stable, and predictable framework for businesses in both the countries.

Reaffirming their shared commitment to an ambitious and forward-looking partnership, both Ministers expressed confidence that the FTA has the potential to unlock significant opportunities across a wide range of sectors, including services, innovation, and technology collaboration. They agreed to sustain the constructive momentum and to intensify efforts in the coming weeks to facilitate an early, balanced, and mutually beneficial conclusion of the agreement.