New Zealand Parliament Passes India Trade Deal Bill, 95% Exports Get Tariff Relief

New Zealand Parliament Passes India Trade Deal Bill, 95% Exports Get Tariff Relief

New Zealand’s Parliament has passed legislation to implement the country’s free trade agreement with India, clearing another step toward the pact coming into force. The bill was approved 93-29 with backing from the opposition Labour Party.

Under the agreement, tariffs on about 95% of New Zealand’s exports to India will be eliminated or substantially reduced, while more than half of the products covered are expected to receive duty-free access from the start of implementation. In return, Indian goods will receive duty-free access to the New Zealand market.

The agreement also includes a commitment from New Zealand to invest NZ$20 billion, roughly Rs 1 lakh crore, in India over the next 15 years. The two countries signed the trade pact in April after negotiations aimed at expanding bilateral commerce and investment.

Bilateral trade reached NZ$3.99 billion, or about Rs 19,500 crore, in the year ending June 2026. India was New Zealand’s ninth-largest market for goods and services exports during that period.

The agreement will take effect once India and New Zealand complete their respective domestic ratification procedures. New Zealand’s government expects the pact to enter into force later this year, potentially providing exporters with improved access to both markets.

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Published: 1h ago

cricket blog team

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