India’s free trade agreement with New Zealand, signed in April, will take effect
on Oct. 20, Trade Minister Goyal said Monday. The deal removes or sharply cuts
tariffs on about 95% of New Zealand exports to India — including wine, kiwifruit
and apples — and grants duty-free access for all Indian goods into New Zealand.
The agreement relaxes student and worker mobility rules and includes a New
Zealand commitment to invest 20 bln over the next 15 years. Leaders pledged to
double bilateral trade by 2030; two-way trade was about 2.3 bln in the 12 months
to June. New Delhi says the FTA is aimed at diversifying export markets and
attracting investment amid shifting global trade patterns; the US remains
India’s largest export destination. Separately, a US law signed by Trump
authorizes tariffs of up to 100% on countries importing Russian oil, a factor
New Delhi cites in its diversification push.
