How close are India and New Zealand to clinching a free trade deal? Here’s what Piyush Goyal said

Commerce and Industry Minister Piyush Goyal on Thursday said talks are progressing fast between India and New Zealand and expressed hope that the free trade agreement will be finalised soon.

Goyal is here on a four-day official visit to review progress of the FTA negotiations between the two countries with his New Zealand counterpart Todd McClay.

"I believe this is a historic visit also because we are going to finalise the FTA very soon," Goyal said.

He added that both sides are respecting each other's sensitivities.

"Our teams have done a wonderful job. The few nuances that needed to be addressed are before us. A lot of things, in a spirit of accommodation, have been closed.

"Talks will continue tomorrow also and hope to get a lot of work done. Therefore I think we will get an FTA with New Zealand soon," Goyal told reporters here.

When asked if the trade pact will help boost the current bilateral trade of about USD 1.5 billion, McClay said the pact will help boost trade significantly.

"We've seen over the last year, the two-way trade increased by 10 per cent which is a very large increase when we think about the size of the two economies, and so we're working hard to strike a deal that will give real opportunity to all Indian businesses in New Zealand and New Zealand businesses who are interested in working together in India, " he said.

The agreement will also help boost cooperation in areas of agri technology, science and innovation, the New Zealand trade minister said adding the two sides are making very good progress in the negotiations.

He will also visit India next week.