Wellington, Sept 17:
New Zealand’s Parliament has approved legislation to implement the country’s free trade agreement with India, clearing a major hurdle for the pact to come into force.
The legislation was passed by 93 votes to 29, with members of the ruling National Party, opposition Labour Party and ACT New Zealand supporting it. The agreement is expected to be implemented in the second half of October, subject to the remaining procedures.
Under the agreement, tariffs will be reduced or eliminated on about 95 per cent of New Zealand’s exports to India. The pact is aimed at expanding market access and strengthening trade and investment ties between the two countries.
New Zealand Prime Minister Christopher Luxon described the parliamentary approval as a significant achievement for his government and said the agreement would provide greater access to India’s large consumer market.
The deal was signed by India and New Zealand on April 27 and covers trade in goods and services as well as investment. Commerce Secretary Rajesh Agrawal said India was working to bring the agreement into force as soon as possible.
The agreement is expected to provide New Zealand exporters with improved access to the Indian market while creating opportunities for Indian businesses to expand their exports to New Zealand.