India-New Zealand free trade pact to come into force from today: Goyal
New Delhi, Oct. 20 -- The India-New Zealand free trade agreement will come into force on Tuesday to become seventh operational FTA in last five years that will eliminate tariffs on 100% of Indian exports, commerce minister Piyush Goyal said on Monday.
"We will start tomorrow on the auspicious day of Dusshera," he said, referring to ongoing Hindu festival of Navratri that culminates into Dussehra.
All Indian merchandise exports to New Zealand will now duty free, he said while addressing Indian exporters. As per the pact, New Zealand has also committed foreign direct investments (FDI) worth $20 billion in India during the next 15 years.
New Zealand trade minister Todd McClay, who joined the meeting virtually, said 57% of New Zealand exports to India will be tariff free from day one.
At present, New Zealand has peak tariffs of up to 10% on key Indian goods such as ceramics, carpets, automobiles, and auto components.
Speaking on the occasion, commerce secretary Rajesh Agrawal said: "This is the seventh FTA operationalised in last five years....
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