With an aim to fast-track the process of the bilateral trade agreement, the Commerce Ministry has said that India and New Zealand are working closely to complete their respective domestic processes to facilitate the early implementation of the pact. The two countries signed a free trade agreement (FTA) in April, which is likely to come into force in the third week of October.
The ministry said India has welcomed the passage of legislation by the New Zealand Parliament on September 16 to give effect to the India-New Zealand FTA. The passage of the legislation marks an important step towards implementing the agreement.
Under the pact, 100 per cent of Indian exports to New Zealand will receive duty-free access from the date of its entry into force. The agreement is likely to create new opportunities for Indian exporters across sectors, including textiles and apparel, leather and footwear, engineering goods, pharmaceuticals, agriculture and processed food products.
At the same time, the agreement provides enhanced and preferential access to the Indian market for New Zealand exports, including wood, wool, sheep meat and raw leather hides. It also facilitates $20 billion in investment into India and strengthens bilateral cooperation in areas such as agricultural productivity, pharmaceuticals and medical devices, traditional medicine and AYUSH, technology, and trade facilitation.
