New Delhi, 21 September (H.S.): The proposed Free Trade Agreement (FTA) between India and New Zealand will come into effect from October 20. Under the agreement, New Zealand will provide duty-free access to 100 per cent of India’s exports.

Union Minister for Commerce and Industry Piyush Goyal said on Monday that the agreement will provide Indian exports with duty-free access to the New Zealand market, while New Zealand will invest US$20 billion in India, giving a significant boost to trade and investment between the two countries. The two countries signed the Free Trade Agreement on April 27 to accelerate bilateral trade in goods and services and promote investment. Under the agreement, 100 per cent of India’s exports to New Zealand will receive duty-free access.

At present, New Zealand imposes a maximum tariff of up to 10 per cent on major Indian products, including ceramics, carpets, automobiles and auto components. New Zealand has committed to investing US$20 billion in India over a period of 15 years.

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Hindusthan Samachar / Jun Sarkar