Punjab, Sept. 21 -- India and New Zealand ratified their free trade agreement on Monday. It comes into force on 20 October. From day one, 100% of Indian exports to New Zealand enter duty-free - and dairy stays out of the deal entirely.
The asymmetry is the deal
Indian exporters get duty-free access across every tariff line immediately. New Zealand gets tariff-free access on 57% of its exports from day one, rising to 82% as commitments phase in.
India has offered liberalisation on about 70% of New Zealand's tariff lines, covering 95% of bilateral trade value.
That is an unusually favourable opening position for India, and it is favourable for a straightforward reason: the trade is small and lopsided in New Zealand's favour on the product...