Three rounds of talks, that initially begun in March this year, are complete with New Zealand and the free trade agreement "is likely to be concluded by 2011", India's Minister of State for Commerce and Industry Jyotiraditya Scindia told the country's parliament on Monday.

Both the countries, whose bilateral trade stood at meager $754 million in 2009-10, want to explore new avenues for businesses and investments in each others' place.

While India is seeking a comprehensive coverage of the service sector with commitments on all modes, technology, imports in the field of agriculture, education, biotechnology, healthcare, tourism and entertainment, New Zealand is eyeing Indian markets for its agricultural products such as apple and kiwi.

Separately, India and the EU were making last ditch efforts to resolve differences and conclude negotiations on free trade agreement (FTA) ahead of Prime Minister Manmohan Singh's scheduled visit to Brussels next month.

Commerce and Industry Minister Anand Sharma and EU Trade Commissioner Karl De Gucht on Monday reviewed the progress of negotiations for a broad-based pact to further open up the bilateral trade.

"The talks have picked up significantly in the last three months and on some difficult issues, the talks are moving fast. We hope to close the deal by early 2011," said a senior commerce department official.