New Zealand Parliament Clears India FTA Bill, 95% Of Exports To India To Get Tariff Relief

New Delhi, Sep 16 (KNN) New Zealand’s Parliament on Wednesday passed legislation to implement the free trade agreement (FTA) with India, clearing a key step towards an accord under which tariffs on about 95 per cent of New Zealand exports to India will be eliminated or significantly reduced.

The legislation was approved by 93 votes to 29, with support from the opposition Labour Party. 

More than half of the products covered under the agreement will become duty-free from the date it takes effect, Reuters reported.

All Indian Goods to Get Duty-Free Access

In a statement, New Zealand Trade Minister Todd McClay said, “For exporters, the benefits are immediate and substantial.” 

“We expect this high-quality agreement to enter into force this year, delivering on our promise to complete a free trade agreement with India this term,” McClay added.

Under the pact, all Indian goods will receive duty-free access to the New Zealand market. New Zealand has also committed to investing NZD 20 billion in India over the next 15 years.

India and New Zealand signed the trade agreement in April after negotiations aimed at expanding bilateral trade and investment ties.

Bilateral Trade With New Zealand

Two-way trade between the countries stood at NZD 3.99 billion (USD 2.29 billion) in the year ended June 2026, with India ranking as New Zealand’s ninth-largest market for goods and services exports.

The agreement will come into effect once India and New Zealand complete their respective domestic ratification procedures.

(KNN Bureau)