India and New Zealand Set Sights on Free Trade Agreement

India and New Zealand have initiated negotiations on a free trade agreement, with a target completion by end of 2025. Current trade figures show India's exports to New Zealand at $682 million, while New Zealand exported $369 million to India in 2023.

On Monday, Indian Prime Minister Narendra Modi and New Zealand's Prime Minister Christopher Luxon announced the commencement of negotiations for a free trade agreement between the two nations. The goal of the discussions is to establish a mutually beneficial trade pact.

The Indian foreign ministry aims for an agreement by the end of 2025. Current trade data reveals India's exports to New Zealand reached $682 million, while New Zealand's exports to India were $369 million, according to the Observatory of Economic Complexity.

Jaideep Mazumdar, secretary east at the Indian foreign ministry, emphasized the timebound nature of the negotiations, expressing hope for a deal by the year's end. The conversion rate stands at $1 to 1.7295 New Zealand dollars.

(With inputs from agencies.)