Business Standard ·
Economy, business and finance
New Zealand Parliament passes India FTA Bill, clears tariffs on 95% exports
The legislation passed by a vote of 93-29, with support from the opposition Labour Party
New Zealand's parliament on Wednesday passed legislation to implement a free trade agreement with India, under which tariffs on about 95% of New Zealand exports to India would be eliminated or significantly reduced.
More than half of all products covered would become duty-free from the day it takes effect.
"For exporters, the benefits are immediate and substantial," New Zealand Trade Minister Todd McClay said in a statement.
"We expect this high-quality agreement to enter into force this year, delivering on our promise to complete a free trade agreement with India this term."