The India-New Zealand free trade agreement (FTA) came in to force today, October 20, becoming the seventh such agreement operationalized by India over the past five years, eliminating tariffs on 100 percent of Indian exports, Indian minister for commerce Piyush Goyal said in a statement on Tuesday, October 20.
All Indian merchandise exports to New Zealand will now be duty-free, Goyal said
Under the pact, New Zealand has also committed to investing $20 billion in India over the next 15 years, he said.
New Zealand trade minister Todd McClay in a statement said that 57 percent of New Zealand's exports to India will be tariff-free from day one.
The FTA provides a comprehensive framework for bilateral economic cooperation, covering market access, agricultural productivity, investment, talent mobility, sports, tourism and people-to-people ties.
