Govt sources: Gulf Cooperation Council, Israel want trade deal with India, NZ FTA almost complete

Amidst global uncertainties, India is pursuing multiple trade deals across geographies to hedge risks and open avenues for exporters. Government sources have told CNBC-TV18 that New Zealand's Trade Minister is expected to come to India this week, with the India-NZ FTA negotiations almost complete. Sources pointed out that the New Zealand government is likely to speak to many of its coalition partners before taking a final call.

India's Commerce and Industry Minister Piyush Goyal visited New Zealand last week to further strengthen bilateral economic and trade relations and met the Kiwi Minister for Trade, Todd McClay. Calling upon both countries to explore innovative avenues of cooperation to deepen their economic partnership, he underscored the immense potential for collaboration across sports, education, technology, tourism, forestry, and the maritime sector.

The 4th Round of India-New Zealand Free Trade Agreement (FTA) negotiations in Auckland from 3rd to 7th November focused on key areas, including Trade in Goods, Trade in Services, and Rules of Origin.

Stating that the ASEAN FTA review is progressing well, government sources pointed out that other geographies keen on FTAs with India include the GCC (Gulf Cooperation Council), its members Bahrain and Qatar, and Israel. Sources said that while India is yet to take a call on an FTA with Israel, which is a friendly country, they described Israel as a good trade partner in defence, agriculture, and innovation. Sources added that the European Union's Trade Commissioner is likely to visit India in the 2nd week of December.

Last week, a senior team of negotiators from the European Union (EU) visited New Delhi for negotiations with their Indian counterparts on the proposed India-EU Free Trade Agreement (FTA). The week-long discussions were part of ongoing efforts to advance negotiations towards a comprehensive, balanced, and mutually beneficial trade agreement. India's Commerce Ministry had said that the deliberations had covered a wide range of chapters, including goods, services, investment, trade and sustainable development, rules of origin, and technical trade barriers.