India, New Zealand Commerce Ministers Discuss Ways To Boost Trade

India and New Zealand on Monday held discussions to discuss ways to boost bilateral trade between the two countries. The meeting was held between Commerce and Industry Minister Piyush Goyal and his counterpart from New Zealand Todd McClay.

"Discussed opportunities for mutual growth, enhancing bilateral trade ties, and fostering economic cooperation to further strengthen the partnership between our nations," Goyal said in a post on social media platform X.

The negotiations between the two countries for a free trade agreement is stalled since 2013.

Since 2010, India and New Zealand are negotiating a Comprehensive Economic Cooperation Agreement (CECA) covering trade in goods, services, investment and related issues.

Nine rounds of negotiations have been held so far. It was last held in July 2013 in Wellington.

The two-way trade declined to $873.4 million in 2023-24 from $1.02 billion in 2022-23. India's exports in the last fiscal year were $538.33 million, while imports aggregated at $335 million.

India primarily imports forestry products, wood pulp, wool, and edible fruit and nuts from New Zealand.

The main export items are pharmaceuticals/medications, precious metals and gems, textiles and motor vehicles and non-knitted apparel and accessories.