India and New Zealand have completed ratification of their free trade agreement, which will enter into force on October 20, Reuters reported on September 21.
The two countries signed the agreement in April. New Zealand Trade and Investment Minister Todd McClay and India's High Commissioner to New Zealand exchanged ratification documents at parliament, completing the formal process.
Under the agreement, 57% of New Zealand exports to India will become tariff-free from the first day, with duty-free coverage later rising to 82%. Tariffs on about 95% of New Zealand exports will ultimately be eliminated or reduced. Indian goods will receive full duty-free access to New Zealand.
The pact also includes easier mobility arrangements for some students and workers. New Zealand has committed to investing $20 billion in India over the next 15 years, while selected exports including apples, kiwifruit and albumins will receive preferential quota access.
The countries have said they want to double bilateral trade by 2030 from about $2.3 billion in the year through June.
The October 20 date follows completed ratification rather than a new round of negotiations.