India-New Zealand Free Trade Agreement Comes Into Force On Occasion Of Vijay Dashami
The India-New Zealand Free Trade Agreement (FTA) came into force today, on the occasion of Vijay Dashami, a day symbolising victory and new beginnings. The agreement will provide duty-free access for 100 per cent of Indian exports to New Zealand.
Addressing a ceremony on the India-New Zealand Free Trade Agreement in New Delhi yesterday, Commerce and Industry Minister Piyush Goyal said that the agreement is aligned with the vision of Prime Minister Narendra Modi for Viksit Bharat 2047. He said the agreement opens significant new opportunities for India’s exporters, particularly MSMEs, artisans, farmers and pharma. The Minister highlighted that both the countries have agreed to work towards the goal of doubling bilateral trade in goods and services with New Zealand to approximately 35 thousand crore rupees by 2030.
New Zealand has eliminated customs duties on all tariff lines covering Indian exports, removing peak tariffs of up to 10 per cent. Textiles, apparel, leather, footwear, gems and jewellery, engineering goods, automobiles and auto components, chemicals, pharmaceuticals, agricultural products and processed foods are expected to benefit. Duty-free access for wooden logs, coking coal and metal waste and scrap will further strengthen manufacturing and MSME supply chains.(UPDATED ON 20TH OCT 26)
