Home / Business and Economy / New Zealand Parliament Approves Landmark India Free Trade Deal
New Zealand Parliament Approves Landmark India Free Trade Deal
16 Sep
Summary
- New Zealand parliament passed legislation for a free trade agreement with India.
- Tariffs on approximately 95% of New Zealand exports to India will be reduced.
- The legislation passed with a decisive vote of 93-29 in parliament.
New Zealand's parliament has officially passed legislation endorsing a comprehensive free trade agreement with India. This landmark accord is set to dramatically reshape bilateral trade, with provisions for eliminating or significantly cutting tariffs on approximately 95% of goods exported from New Zealand to India.
The legislative measure successfully navigated parliament, achieving a substantial majority with a vote of 93 in favor and 29 against. The bill garnered support across party lines, indicating a unified approach to fostering stronger economic ties.
This agreement is expected to open up new avenues for New Zealand businesses, making their products more competitive in the vast Indian market. The reduction in trade barriers signifies a new era of economic cooperation between the two nations.
