New Zealand Parliament Approves India Trade Deal, Tariff Cuts Set to Boost Exports
The agreement will eventually remove or significantly reduce duties on 95% of New Zealand’s exports to India and expand market access for businesses.
Wellington, Sep 16: New Zealand’s Parliament has passed legislation to implement its free trade agreement with India, clearing a key step toward deeper economic ties between the two countries.
The legislation was approved by a 93-29 vote on Wednesday, with the agreement providing preferential access for New Zealand exporters to the Indian market.
Under the pact, 57% of New Zealand’s exports to India will become duty-free from the first day of implementation. Once fully phased in, tariffs will be eliminated or substantially reduced on 95% of the country’s exports to India.
The agreement covers a wide range of products and services, including forestry, horticulture, seafood, wine, honey and dairy related products. New Zealand has also secured preferential access for products such as kiwifruit and apples.
New Zealand’s government said the agreement is intended to improve opportunities for exporters while strengthening trade and investment links with one of the world’s major emerging markets.
The deal also includes provisions aimed at facilitating customs procedures and improving market access for services. New Zealand expects the agreement to create additional opportunities in areas including food, technology, education, tourism and professional services.
The pact will enter into force after both countries complete their respective ratification procedures. The two governments have also set a broader objective of increasing bilateral trade in the coming years.
