New Delhi [India], March 16 (ANI): India and New Zealand have launched negotiations for a 'comprehensive and mutually beneficial' Free Trade Agreement (FTA), the Union commerce ministry said in a statement Sunday, minutes after the Kiwi Prime Minister Christopher Luxon landed in New Delhi for a five-day official visit.

'With bilateral trade continuing to grow steadily, surpassing USD 1 billion during April-January 2025, the FTA negotiations aim to unlock new avenues for businesses and consumers, fostering mutual growth and prosperity of our nations, Union Minister Piyush Goyal said in a post on X.

The India-New Zealand FTA negotiations aim to achieve balanced outcomes that enhance supply chain integration and improve market access.

'This milestone reflects a shared vision for a stronger economic partnership, fostering resilience and prosperity,' the ministry said in the statement.

India and New Zealand share a longstanding partnership founded on shared democratic values, strong people-to-people ties, and economic complementarities.

'Both countries have continuously worked towards building their bilateral relationship encompassing trade and investment,' the commerce ministry said in the statement.

A meeting was held between Commerce Minister Piyush Goyal and New Zealand counterpart Todd McClay here in New Delhi, laying the foundation of a momentous partnership towards strengthening the economic and trade ties between the two countries.

In the year 2023-24, New Zealand exported a total of USD 0.84 billion in goods and services to India and imported USD 0.91 billion, for a total trade value of USD 1.75 billion.

India primarily imports wool, Iron and Steel, fruit and nuts, and aluminium from New Zealand. Indian exports to New Zealand mostly consist of pharmaceuticals/medications, Mechanical Machinery, made-up textile articles, pearls, Precious stones, and Metals.

At the invitation of Prime Minister Narendra Modi, Prime Minister of New Zealand, Christopher Luxon, is in India during March 16-20, 2025.

He will be accompanied by a high-level delegation, including Ministers, senior officials, businesses, media and members of the Indian diaspora community in New Zealand.

This is his first visit to India by Prime Minister Luxon in his present capacity.

Prime Minister Luxon will hold talks with Prime Minister Modi on Monday, covering various aspects of India- New Zealand relations. Prime Minister Modi will also host a lunch in honour of the visiting dignitary. On the same day, President Droupadi Murmu will be called.

Prime Minister Luxon will be the chief guest and deliver the keynote address at the inaugural session of the 10th Raisina Dialogue 2025 on March 17 in New Delhi.

He is scheduled to visit Mumbai on 19-20 March 2025, where he will have interactions with Indian business leaders and representatives from various walks of life. (ANI)