New Zealand, India ratify free trade agreement

WELLINGTON, Sept. 22 (Xinhua) -- New Zealand and India have formally ratified a free trade agreement, paving the way for the deal to enter into force on Oct. 20.

This photo taken on Sept. 30, 2023 shows Lake Wakatipu in Queenstown, New Zealand. (File Photo: Xinhua)

New Zealand Trade and Investment Minister Todd McClay exchanged formal ratification documents with India's High Commissioner to New Zealand Muanpuii Saiawi at parliament on Monday, confirming that New Zealand had completed its domestic procedures for the agreement.

The New Zealand-India free trade agreement will make 57 percent of New Zealand's exports to India tariff-free from the first day, including sheep meat, wool and coal, McClay said in a statement on Tuesday.

More than 95 percent of forestry and wood exports will also be tariff-free on day one, while exporters will receive a second round of tariff cuts on Jan. 1, 2027, he said.

New Zealand exporters will also gain preferential quota access to India for albumins, apples and kiwifruit under the agreement.

McClay said the agreement would improve market access for New Zealand businesses in India, while providing greater certainty for services exporters, investors and companies seeking to expand in the Indian market.

The agreement is expected to help New Zealand exporters diversify markets and build resilience amid growing uncertainty in global markets, the minister noted.