Overview
- New Zealand’s Parliament passed the legislation to implement the agreement on Tuesday, September 15, and the bill received Royal assent on Thursday, September 17.
- Both governments are completing the formal exchange of official notes that is required for the treaty to enter into force, and Trade Minister Todd McClay says the FTA could be operational within about a month.
- When the agreement starts, New Zealand will eliminate tariffs on 100% of Indian exports from day one, creating immediate duty-free access for exporters.
- Officials expect near-term gains in goods such as chemicals, pharmaceuticals and machinery and longer-term growth in services including information and communications technology.
- The deal is part of a broader push to double two-way trade to NZ$7 billion by 2030 and officials expect more people movement and direct flights within roughly a year, with the pact seen as a way to boost jobs and investment.