New Delhi, Dec. 22 -- India and New Zealand are expected to formally announce the conclusion of a bilateral free trade agreement before the current calendar year ends, which will make it the third FTA in 2025 after pacts with the United Kingdom in July and Oman on December 18, people familiar with the matter said.

The two sides have achieved convergence on almost all points through prolonged physical and virtual interactions after the fourth formal round of negotiations that took place in Rotorua early last month during Union commerce minister Piyush Goyal's New Zealand visit, they said, requesting anonymity.

A draft agreement is ready and an announcement of the proposed FTA is expected early this week, they said. New Zealand's trade an...