NZ Parliament Clears India FTA, Tariffs to Fall on 95% of Exports
What Happened
New Zealand's Parliament passed legislation implementing its Free Trade Agreement (FTA) with India by a 93-29 vote. The deal will eliminate or significantly reduce tariffs on about 95% of New Zealand exports to India, while granting duty-free access to all Indian goods entering New Zealand. More than half of the covered products will become duty-free as soon as the agreement takes effect.
Key Takeaways
The FTA is expected to strengthen trade and investment ties between India and New Zealand, providing Indian businesses easier access to the New Zealand market while lowering costs for many New Zealand exports. The pact is awaiting completion of final ratification procedures before coming into force.