New Zealand Parliament passes legislation to implement the India FTA
New Zealand just gave the green light to a big free trade agreement with India, aiming to ramp up economic collaboration between the two countries.
New Zealand's Parliament passed the legislation needed to implement the free trade agreement, which kicks in after both sides finish some formalities, so expect changes soon.
It's especially good news for India's textile and pharmaceutical sectors, which are set to get a major boost.
Tariff free Indian exports, services access
Indian exports like engineering goods, textiles, and leather will enter New Zealand tariff-free, making them more affordable and attractive there.
Plus, India gets access across 118 of New Zealand's service sectors and most-favored-nation perks elsewhere.
On top of that, New Zealand has agreed to facilitate $20 billion of investment in India over 15 years, so this partnership goes way beyond just trading goods.