India, NZ working together for early implementation of trade pact

India, New Zealand are working closely to complete their respective domestic processes to facilitate the early implementation of a trade agreement between the two countries, an official statement said

India and New Zealand are working closely to complete their respective domestic processes to facilitate the early implementation of a trade agreement between the two countries, an official statement said on Thursday.

The two countries signed a free trade agreement in April and it is expected to come into force in the third week of October.

"India and New Zealand are working closely to complete their respective domestic processes and to facilitate the early entry into force of the Agreement," the commerce ministry said.

It said that India has welcomed the passage of legislation by the Parliament of New Zealand on September 16 to give effect to the India-New Zealand Free Trade Agreement (FTA).

 

The passage of the legislation marks an important step towards implementing the pact.

The agreement provides duty-free access for 100 per cent of Indian exports to New Zealand from the date of entry into force.

It would open new opportunities for Indian exports including textiles and apparel, leather and footwear, engineering goods, pharmaceuticals, agriculture and processed food products.

At the same time, it provides enhanced and preferential access to the Indian market for New Zealand exports including wood, wool, sheep meat and leather raw hides.

It also facilitates USD 20 billion in investment into India and strengthens bilateral cooperation in areas including agricultural productivity, pharmaceuticals and medical devices, traditional medicine and AYUSH, technology and trade facilitation.