NEW Zealand’s parliament passed legislation giving effect to the country’s free trade agreement (FTA) with India by a 93-29 vote on Wednesday.
Trade and Investment Minister Todd McClay said in a statement that the vote demonstrated strong parliamentary support for the agreement and its expected economic benefits.
From the first day of implementation, 57 per cent of New Zealand’s exports to India will become duty-free, while tariffs on 95 per cent of exports will be eliminated or significantly reduced once the agreement is fully implemented, McClay said.
The kiwifruit industry alone expects to save about 125 million NZ dollars (about US$72 million) in tariffs over five years, he said. The agreement will also provide faster border clearance and preferential access to India’s growing middle class for New Zealand exporters of food, fiber, technology, education, tourism and professional services, said the minister. — Xinhua
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