Indian Commerce and Industry Minister Piyush Goyal on Tuesday said India and New Zealand are working to finalize a comprehensive and mutually beneficial Free Trade Agreement.

He made the remarks while addressing the CEOs of India and New Zealand in New Delhi.

The two countries had announced the launch of negotiations for an FTA earlier this week.

The event was attended by Christopher Luxon, Prime Minister of New Zealand, Todd McClay, New Zealand's Minister for Trade and Investment, Agriculture and Forestry, business leaders and senior officers of the two countries.

Addressing the business leaders, Goyal emphasized the immense potential for collaboration between the two countries.

He articulated an ambitious vision for the India-New Zealand partnership, targeting 10x growth in bilateral trade over the next decade.

New Zealand PM Christopher Luxon, while addressing the forum, stated that businesses play a critical role in both economies and in strengthening bilateral relations.

The Prime Minister further emphasized the need to explore new frontiers and sectors where New Zealand holds a competitive advantage.

“I feel incredibly optimistic about the future of both India and New Zealand. India for us is a game changer. As a smaller country in the world, India is a really consequential relationship for us. We all recognize that there is a lot more that these two countries should be doing together. When we look at the trading relationship today at $3 billion, there's a huge opportunity for us here,” he said.

The Commerce Minister called on business leaders from both countries to contribute towards achieving this goal.

“There are hardly any areas where we compete with each other, and the few areas of sensitivity can be navigated with mutual respect. Given our different levels of development, there are limitless possibilities for cooperation in agri-tech, dairy, food processing, pharmaceuticals, renewable energy, critical minerals, forestry, horticulture, tourism, and sports,” he said.

Discussing global challenges, Goyal emphasized the importance of trusted partnerships.

“The world is going through a lot of problems. A defining partnership between our two nations can serve as a model for how trusted partners work together. It’s not about the size of an economy; it’s about collaboration and shared values,” he said.

He noted that India’s economy, currently at $4 trillion, is poised to grow to $30-35 trillion in the next 22-25 years, presenting immense opportunities for collaboration.

Goyal highlighted the role of tourism in fostering stronger relations between India and New Zealand.

He praised the Prime Minister of New Zealand for his commitment to enhancing ties between the two nations and noted that their partnership could create significant economic opportunities.

“Together, we can make a significant difference to our economies. Both countries will emerge as winners through this partnership,” he stated.

The Minister underscored the importance of working with democracies where the rule of law prevails and businesses get fair opportunities. He mentioned the strong people-to-people linkages between India and New Zealand, citing Papatoetoe in Auckland as “Little India.”

He expressed optimism about Free Trade Agreement (FTA) negotiations, stating that they would be vibrant and add more depth to the relationship.

He also stressed the importance of education and research in bringing people closer, highlighting the potential of New Zealand’s innovation to reach the world through India.

He suggested that manufacturing in India for global markets at competitive prices could take the partnership to greater heights.

Speaking on connectivity, Goyal reaffirmed India’s commitment to strengthening financial and digital linkages, as well as facilitating swift mobility of manpower and technical talent. He noted that India produces the highest number of STEM graduates annually, with 43% of them being women, showcasing the diversity and strength of India’s workforce.

“Our two countries have decisive leaders, and India’s young, aspirational population of 1.4 billion, combined with New Zealand’s innovative spirit, will create a potent partnership that the world will look up to. Walking into the future while respecting the past—this perfectly captures the essence of our collaboration,” he said.