Auckland, Nov 8 (PTI) The proposed free trade agreement between India and New Zealand is expected to enhance trade flows, deepen investment linkages and strengthen supply-chain resilience, the commerce ministry said on Saturday.

It may also provide greater predictability and market access for businesses in both countries, it said.

Commerce and Industry Minister Piyush Goyal was here to give an impetus to the trade pact negotiations with his New Zealand counterpart Todd McClay.

The fourth round of negotiations on the India-New Zealand Free Trade Agreement (FTA) concluded on November 7, in Auckland and Rotorua.

The ministers "acknowledged the steady progress made during this round and reaffirmed their commitment to work towards a modern, comprehensive, and future-ready FTA," it said.

Both delegations held detailed engagements across key tracks, including trade in goods, trade in services, economic and trade cooperation, and rules of origin.

"The ongoing discussions reflect the shared resolve of both nations to expedite the process and work towards an early, balanced, and mutually advantageous conclusion of the agreement," it said.

India's bilateral merchandise trade with New Zealand stood at USD 1.3 billion in 2024-25, marking a year-on-year growth of nearly 49 per cent.

"The proposed FTA is expected to unlock further potential in sectors such as agriculture, food processing, renewable energy, pharmaceuticals, education, and services, creating new opportunities for businesses and consumers alike," it added. PTI RR DRR

Free trade agreement prospects enhance market access and investment ties, promoting trade and supply chain resilience between nations. Negotiations toward a Free Trade Agreement between India and New Zealand aim to increase trade flows, deepen investment linkages, and strengthen supply chain resilience by improving predictability and market access; discussions have covered trade in goods, trade in services, economic cooperation, and rules of origin with a commitment to an early, balanced conclusion.