India-New Zealand FTA clears NZ Parliament in 93-29 vote, pact nears implementation

New Zealands Parliament on Wednesday cleared the IndiaNew Zealand Free Trade Agreement FTA with lawmakers voting 9329 in favour of the legislation taking the bilateral trade pact closer to implementationNew Zealand Prime Minister Christopher Luxon in a post on X welcomed the parliamentary approval saying the agreement would open greater access to Indias large consumer market and support economic growth in New ZealandPeople told me a Free Trade Agreement with India wasnt possible Well today that deal passed its final vote in Parliament Its happening National said we said wed secure a Free Trade Agreement with India in our first term and weve delivered This landmark deal means more jobs higher incomes for Kiwis It means more New Zealand products being sold in India by opening the door to 14 billion Indian consumers Its one of the ways we will grow the economy to help you get ahead fixing the basics and building the future Luxon said in his postThe bill was passed with the support of the ruling National Party and the main opposition Labour Party securing a clear majority in ParliamentThe FTA was signed by India and New Zealand on April 27India is now looking to bring the agreement into force as soon as possible with Commerce Secretary Rajesh Agrawal saying last week that it could potentially become operational in OctoberUnder the agreement New Zealand will provide dutyfree access for 100 per cent of Indian exports to its market covering all tariff lines The pact is also aimed at improving competitiveness and employment opportunities in Indias labourintensive sectors including textiles and apparel leather and footwear gems and jewellery engineering goods and processed foodsThe agreement provides for a USD 20 billion investment commitment by New Zealand in India over 15 years aimed at strengthening longterm economic cooperation between the two countriesFor New Zealand exports to India 7003 per cent of tariff lines have been offered market access covering 95 per cent of bilateral trade India has excluded 2997 per cent of tariff lines including sensitive products such as dairy several agricultural products sugar and certain metals and other goodsThe agreement provides for immediate elimination of duties on 30 per cent of tariff lines covering products such as wood wool sheep meat and raw hides A further 3560 per cent of tariffs will be eliminated gradually over three five seven or 10 yearsSome products including wine pharmaceutical drugs polymers and certain aluminium iron and steel products will receive tariff reductions while a small number of products will be covered by tariffrate quotas including Manuka honey apples kiwifruit and albuminsThe pact also includes agricultural cooperation focused on improving productivity and capabilities in sectors including kiwifruit apples and honey The two sides will work on planting material research technical assistance orchard management postharvest practices supply chains and food safetyIn services New Zealand has committed across 118 sectors with MostFavoured Nation treatment in 139 sectors according to an official releaseThe agreement also creates new mobility opportunities for Indian students and professionals It includes a Temporary Employment Entry visa pathway with a quota of 5000 skilled Indians for stays of up to three years covering occupations including AYUSH practitioners yoga instructors Indian chefs and music teachers as well as professionals in IT engineering healthcare education and constructionA Working Holiday Visa arrangement will allow 1000 young Indians each year to travel to New Zealand for up to 12 monthsThe agreement also includes an annex on student mobility and poststudy work provisions under which eligible Indian students can work up to 20 hours a week while studying and receive extended poststudy work visas depending on their qualificationThe FTA further provides for cooperation in areas including investment research and innovation technology skills renewable energy digital services and infrastructureThe parliamentary approval marks another step towards implementation of the IndiaNew Zealand FTA with both sides having set out measures covering trade in goods and services investment agriculture mobility and customs proceduresThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever