New Zealand parliament passes India trade deal, cutting tariffs on most exports

Sept 16 - 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.The legislation passed by a vote of 93–29, with support from the opposition Labour Party.• 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."• Under the deal, all Indian goods will receive duty-free access to New Zealand. Wellington has also agreed to invest $20 billion in India over the next 15 years.• Both nations originally signed the trade agreement in April.• Two-way trade totalled NZ$3.99 billion ($2.29 billion) in the year to June 2026, with India ranking as New Zealand's ninth-largest goods and services export market.• The trade deal will become effective after both nations complete their respective ratification procedures. REUTERS