New Zealand passes bill on free trade deal with India, cuts duty on all imports
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New Zealand’s Parliament on Wednesday passed legislation to implement its free trade agreement with India, Reuters reported. Once it takes effect, tariffs on about 95% of New Zealand’s exports to India will be eliminated or significantly reduced.
The legislation was passed with 93 votes in favour and 29 against. The Opposition Labour Party supported it.
India and New Zealand signed the free trade agreement on April 27. It will take effect after New Delhi and Wellington complete domestic ratification, the timeline for which is unclear.
New Zealand Trade Minister Todd McClay said the agreement would provide exporters with “immediate and substantial” benefits.
“Once fully implemented, tariffs are eliminated or significantly reduced on 95% of our exports,” McClay stated. “The kiwifruit industry alone expects to save around $125 million in tariffs over five years.”
Under the agreement, all Indian goods will get duty-free access to New Zealand, Reuters reported. Wellington has also committed to investing $20 billion in India over the next 15 years.
Bilateral trade stood at NZ$3.99 billion, or approximately Rs 22,038.41 crore, in the year leading up to June 2026. This meant that India was New Zealand’s ninth-largest market for goods and services exports.
Edited by Sneha.
Also read: For New Zealand, real test of trade deal will be India’s regional diversity and complex economy
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