India-New Zealand FTA to come into force on Oct 20: Piyush Goyal

New Delhi, Sep 21 (UNI) The India-New Zealand Free Trade Agreement (FTA) will come into force on October 20, Commerce and Industry Minister Piyush Goyal said on Monday. India and New Zealand had signed the trade pact on April 27, with the agreement aimed at expanding bilateral trade in goods and services while creating greater opportunities for investment between the two countries.

"I'm delighted that we are taking forward the next important milestone in our bilateral economic partnership: the entry into force of the India-New Zealand Free Trade Agreement, which will come into force on the auspicious occasion of Dussehra on 20th of October, 2026," Goyal said. A key provision of the pact is New Zealand's commitment to provide duty-free access for 100pc of India's exports to the country. The move is expected to improve the competitiveness of Indian products in the New Zealand market by reducing the tariff burden on exporters. At present, New Zealand imposes peak tariffs of up to 10pc on several Indian products, including ceramics, carpets, automobiles and auto components.

The removal of these duties is expected to provide greater market access for Indian exporters across these sectors. The agreement also includes a significant investment commitment from New Zealand. The country has committed to invest USD 20 billion in India over a 15-year period, adding an investment component to the broader trade relationship between the two countries. The FTA is aimed at strengthening economic ties between India and New Zealand by lowering trade barriers, improving market access and encouraging investment flows.

Its implementation from October 20 will mark the beginning of the commitments agreed under the pact. Goyal noted that PM Modi's visit to New Zealand in July was the first visit by an Indian Prime Minister to the country in four decades. The strategic partnership and roadmap to 2030 reflect the shared ambition of India and New Zealand to deepen economic cooperation, including an aspirational goal of doubling bilateral trade in goods and services to almost Rs 35,000 crore in the next four or five years, he said.

"The entry into force of the India-New Zealand Free Trade Agreement will translate this code into concrete economic outcomes," Goyal said.

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