India-New Zealand Free Trade Agreement to Begin Duty-Free Trade

The India-New Zealand Free Trade Agreement (FTA) will come into force on October 20, coinciding with the festival of Dussehra. The legislation authorises the US President to impose tariffs of up to 100% on China, India, and other countries to reduce dependence on Russian energy, a move that India is monitoring closely, said Commerce Minister Piyush Goyal.

The FTA will provide 100% duty-free access for all Indian exports to New Zealand, opening opportunities for exporters and promising stronger growth for businesses. The agreement is expected to create more jobs and higher incomes, benefiting both nations. "I’m delighted that we are taking forward the next important milestone in our bilateral economic partnership," said a government official, highlighting the pact's entry into force on the auspicious occasion of Dussehra.

India’s Commerce Minister Piyush Goyal noted that at a time of global trade uncertainty, with escalating tariff rates and barriers, India and New Zealand have agreed on terms beneficial for trade and businesses. The pact also includes provisions for 5,000 visas, enhancing people-to-people ties.

Regarding the US legislation authorising tariffs up to 100% on countries including India to curb reliance on Russian energy, Goyal said India is examining the new powers carefully. He added that the government is determined to take all necessary measures to protect trade and economic interests and will work closely with Indian trade and industry bodies to address the implications of these developments.