NEW DELHI, March 17 (Xinhua) -- India and New Zealand have agreed to restart free trade agreement (FTA) negotiations with the first round scheduled for next month, the Indian Prime Minister's Office (PMO) said on Monday.

The announcement was made after a meeting between Indian Prime Minister Narendra Modi and his visiting New Zealand counterpart Christopher Luxon.

The FTA negotiations between the two countries were stalled in 2015 following their failure to narrow differences in sensitive areas including dairy and agriculture.

"The Prime Ministers welcomed the launch of FTA negotiations for a balanced, ambitious, comprehensive, and mutually beneficial trade agreement to achieve deeper economic integration. The leaders agreed that a comprehensive trade agreement offers a significant opportunity to enhance trade and economic cooperation," said a joint statement by the two sides released by the Indian PMO.

By leveraging each country's strengths, addressing their respective concerns, and tackling challenges, a bilateral trade agreement can foster mutually beneficial trade and investment growth, ensuring equitable gains and complementarities for both sides, it added.

Luxon is on his five-day visit to India. He arrived in New Delhi on Sunday and is accompanied by a group of ministers and a high-level delegation comprising top officials, representatives of businesses, community diaspora, media and cultural groups.

The announcement is seen as a major breakthrough in the economic relationship between the two countries.

"With bilateral trade continuing to grow steadily, surpassing 1 billion U.S. dollars during April-January 2025, the FTA negotiations aim to unlock new avenues for businesses and consumers, fostering mutual growth and prosperity of our nations," India's commerce and industry minister Piyush Goyal said. Enditem

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