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India-New Zealand free trade pact to come into force on October 20 after ratification
Reuters • • world
Key Points:
- India and New Zealand have ratified a free trade agreement (FTA) that will come into force on October 20, aiming to boost exports and attract investment amid changing global trade dynamics.
- The agreement eliminates or reduces tariffs on about 95% of New Zealand exports to India, with 57% tariff-free from day one, including key products like sheep meat, wool, and coal.
- Indian goods will have duty-free access to New Zealand, and the deal also eases mobility rules for students and workers, with New Zealand committing to invest $20 billion in India over the next 15 years.
- The FTA includes preferential quota access for New Zealand apples, kiwifruit, and albumins, and wine tariffs will reduce significantly over ten years.
- Both countries aim to double bilateral trade to $4.6 billion by 2030, reflecting efforts by India to diversify export markets amid tensions with the US over tariffs on Russian oil purchases.
