New Delhi: Legal verification of the India-New Zealand Free Trade Agreement (FTA) is complete, with signing scheduled for 27 April in New Delhi. Trade and Investment Minister Todd McClay announced the development on Monday, attended by a large business delegation from both countries.
In a statement, McClay described the pact as a "once-in-a-generation" deal, offering New Zealand exporters unmatched access to India's 1.4 billion people and its trajectory towards becoming the world's third-largest economy. Amid global instability, he added, the agreement is crucial for New Zealand's economic security.
Signature initiates parliamentary treaty examination, enabling full public scrutiny. It also positions New Zealand to leverage a Most Favoured Nation clause on wine and services; entering force ahead of the EU deal could unlock tens of millions in extra exports.
Finalised in December, the landmark FTA cuts or eliminates tariffs on 95% of New Zealand's exports—the most generous in any Indian trade pact. Day-one duty-free access covers 57%, including lamb, wool, coal, leather, forestry, and most industrial goods. Full implementation boosts this to 82%, adding infant formula, a kiwifruit quota quadruple current volumes, and seafood. The final 13%—kiwifruit, apples, mānuka honey, wine, and some dairy—receives steep tariff reductions.
The government will adhere to established procedures: post-signing, the FTA text and National Interest Analysis go to Parliament and the Foreign Affairs, Defence and Trade Committee (FADTC). Enabling legislation follows standard channels, as with CPTPP, UK, EU, and UAE pacts.
(Inputs from IANS)