WELLINGTON: New Zealand's Parliament on Wednesday cleared the India-New Zealand Free Trade Agreement (FTA), with lawmakers voting 93-29 in favour of the legislation, taking the bilateral trade pact closer to implementation.
New Zealand Prime Minister Christopher Luxon, in a post on X, welcomed the parliamentary approval, saying the agreement would open greater access to India's large consumer market and support economic growth in New Zealand.
"People told me a Free Trade Agreement with India wasn't possible. Well, today that deal passed its final vote in Parliament. It's happening. National said we said we'd secure a Free Trade Agreement with India in our first term, and we've 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 1.4 billion Indian consumers. It's 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 post.
The bill was passed with the support of the ruling National Party and the main opposition Labour Party, securing a clear majority in Parliament.
The FTA was signed by India and New Zealand on April 27.
India 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 October. Under the agreement, New Zealand will provide duty-free 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 India's labour-intensive sectors, including textiles and apparel, leather and footwear, gems and jewellery, engineering goods and processed foods. (ANI)
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