India-New Zealand FTA to kick in October 20, opening market opportunities
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The India-New Zealand Free Trade Agreement will come into effect on October 20, enhancing trade for both nations. New Zealand expects increased demand for its agricultural products, particularly kiwifruit, honey, and apples, in India. The agreement includes provisions to ensure tariff-free access for Indian goods in New Zealand's market. Both countries aim to strengthen economic ties and improve productivity in agricultural sectors.
The India-New Zealand Free Trade Agreement (FTA), which is set to come into effect on October 20, could help New Zealand businesses tap into India's expanding consumer market, New Zealand High Commissioner to India Patrick John Rata said on Monday.Speaking to ANI ahead of the agreement's implementation, Rata said New Zealand exporters could see higher demand for agricultural products such as kiwifruit, honey and apples in India.
"It will be a significant opportunity for New Zealand in this FTA," Rata told ANI.
Also Read: India notifies first New Zealand FTA duty cuts; sheep meat gets zero duty, kiwi fruit at 15%
He said the agreement would give New Zealand businesses greater access to India's vast consumer market at a time when the Indian economy is growing strongly. Rata also expressed hope that more Indian consumers would buy products New Zealand is known for, particularly kiwifruit, honey and apples.
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The agreement, signed on April 27, is scheduled to take effect on October 20 after both countries completed their ratification processes on September 21.
According to India's Ministry of Commerce and Industry, the agreement allows New Zealand to export apples, kiwifruit and Manuka honey to India under specific conditions. These include tariff-rate quotas, minimum import prices and other safeguards intended to protect Indian farmers.
It also includes provisions for agricultural cooperation, with both countries looking to improve productivity, encourage the use of technology and strengthen supply chains for apples, kiwifruit and honey.
On the other hand, New Zealand will remove tariffs on all Indian goods from the day the agreement comes into force, giving Indian exporters better access to the New Zealand market.
New Zealand's Ministry of Foreign Affairs and Trade said 57 per cent of the country's exports to India will qualify for tariff-free entry from October 20, subject to applicable conditions.
With the agreement coming into effect, both countries are looking to expand trade, strengthen economic ties and create more opportunities for businesses in their respective markets.
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
