Wellington: The New Zealand parliament, on Wednesday, passed legislation to implement a free Trade agreement with India.
Under this law, tariffs on about 95 per cent of New Zealand exports to India would be eliminated or significantly reduced.
Indian goods entering New Zealand will also receive duty-free access under this deal.
The legislation was passed by a vote of 93-29, with support from the opposition Labour Party.
From the day this legislation comes into effect, more than half of all products covered would become duty-free.
“For exporters, the benefits are immediate and substantial,” New Zealand trade minister Todd McClay said in a statement.
“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,” he said.
Under the deal, all Indian goods will also receive duty-free access to New Zealand. Wellington has also agreed to invest NZ$20 billion (around Rs 1 lakh crore) in India over the next 15 years.
Both nations originally signed the trade agreement in April.
Two-way trade totalled NZ$3.99 billion (around Rs 19,500 crore) in the year till June 2026, with India ranking as New Zealand’s ninth-largest goods and services export market, as reported by India Today.
The trade deal will become effective after both nations complete their respective ratification procedures.