India-New Zealand FTA might come into effect from October 19
What's the story
The India-New Zealand Free Trade Agreement (FTA), signed on April 27, is expected to come into effect from October 19, as per PTI. The FTA aims to enhance trade and investment between the two nations. Under the agreement, New Zealand will provide duty-free access for all of India's exports. Currently, New Zealand imposes peak tariffs of up to 10% on select Indian products such as ceramics, carpets, automobiles, and auto parts.
Investment pledge
New Zealand commits $20B investment in India
Apart from tariff concessions, the India-New Zealand FTA also includes a major investment commitment from New Zealand.
The country has pledged to invest $20 billion in India over a period of 15 years.
This investment is expected to further strengthen economic ties between the two nations and boost bilateral trade volumes.