New Zealand’s parliament has approved legislation implementing a free-trade agreement with India that will eliminate or sharply reduce tariffs on about 95 percent of New Zealand exports to the Indian market.
Lawmakers passed the legislation by 93 votes to 29 on Wednesday, with the opposition Labour Party supporting the measure, Reuters reported.
More than half of the products covered by the agreement are expected to become duty-free as soon as the pact takes effect. New Zealand Trade Minister Todd McClay said the benefits for exporters would be immediate and substantial, with Wellington expecting the agreement to enter into force this year.
Under the deal, Indian goods will receive duty-free access to New Zealand. Wellington has also committed to invest $20 billion in India over the next 15 years.
The two countries signed the agreement in April. Two-way trade reached NZ$3.99 billion, about US$2.29 billion, in the year to June 2026, making India New Zealand’s ninth-largest export market for goods and services.
The agreement will take effect after both countries complete their respective ratification procedures.
Source: Reuters
