403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
New Zealand, India to Strike Landmark Free Trade Agreement
(MENAFN) New Zealand and India are set to formalize a landmark free trade agreement on April 27 in New Delhi, the New Zealand government confirmed Monday — a milestone that promises to reshape bilateral commerce between the two nations.
New Zealand Trade and Investment Minister Todd McClay announced in an official statement that legal verification of the accord has been completed, clearing the final procedural hurdle ahead of the signing ceremony.
Under the sweeping deal, tariffs on 95 percent of New Zealand's current exports to India will be eliminated or significantly reduced. Upon immediate entry into force, nearly 57 percent of exports — spanning lamb, wool, coal, leather, and the bulk of forestry and industrial goods — will qualify for duty-free status. That figure is projected to climb to 82 percent once the agreement reaches full implementation.
The remaining 13 percent of export categories — encompassing kiwifruit, apples, manuka honey, wine, and select dairy products — will not escape the deal's reach entirely, with those goods subject to steep tariff reductions under the terms of the agreement.
The signing, set to take place in India's capital, marks a significant step in deepening economic ties between Wellington and New Delhi, with exporters across multiple sectors poised to gain near-immediate competitive advantages in one of the world's fastest-growing major economies.
New Zealand Trade and Investment Minister Todd McClay announced in an official statement that legal verification of the accord has been completed, clearing the final procedural hurdle ahead of the signing ceremony.
Under the sweeping deal, tariffs on 95 percent of New Zealand's current exports to India will be eliminated or significantly reduced. Upon immediate entry into force, nearly 57 percent of exports — spanning lamb, wool, coal, leather, and the bulk of forestry and industrial goods — will qualify for duty-free status. That figure is projected to climb to 82 percent once the agreement reaches full implementation.
The remaining 13 percent of export categories — encompassing kiwifruit, apples, manuka honey, wine, and select dairy products — will not escape the deal's reach entirely, with those goods subject to steep tariff reductions under the terms of the agreement.
The signing, set to take place in India's capital, marks a significant step in deepening economic ties between Wellington and New Delhi, with exporters across multiple sectors poised to gain near-immediate competitive advantages in one of the world's fastest-growing major economies.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment