India-New Zealand Free Trade Agreement Set to Launch on October 20
India and New Zealand's FTA Launch Date Announced
File image of Union Commerce and Industry Minister Piyush Goyal(Photo: IANS)
New Delhi, September 21: The free trade agreement (FTA) between India and New Zealand is set to take effect on October 20, as announced by Commerce and Industry Minister Piyush Goyal on Monday.
This agreement has garnered significant bipartisan support in New Zealand's Parliament, with a vote tally of 93 in favor and 26 against.
Minister Goyal celebrated the announcement on social media, stating, "A victory for both nations. The India-New Zealand FTA will commence on October 20, 2026, coinciding with Vijay Dashami."
New Zealand's Trade and Investment Minister, Todd McClay, indicated that the FTA is anticipated to be enacted within the next month.
He explained, "The next step involves signing it into law and exchanging diplomatic notes with India once they are ready. Following that, the agreement will officially come into effect." McClay expressed optimism that this could happen within the month.
Signed in New Delhi on April 27, the FTA allows for duty-free access for all Indian exports to New Zealand from the date it takes effect, creating new avenues for Indian goods such as textiles, leather, engineering products, pharmaceuticals, agriculture, and processed foods.
Additionally, it offers improved access to the Indian market for New Zealand's exports, including wood, wool, sheep meat, and raw leather hides.
The agreement also opens up new prospects in services, investment, and mobility for professionals and students, enhancing opportunities for Indian professionals and students.
As per the ministry, the FTA aims to facilitate significant investment into India and bolster bilateral cooperation in sectors like agricultural productivity, pharmaceuticals, traditional medicine, technology, and trade facilitation.
India and New Zealand maintain a strong relationship, characterized by robust people-to-people connections and growing collaboration in trade, investment, agriculture, education, sports, and technology.