New Zealand Parliament passes India trade deal bill, tariff relief on 95% of exports

New Zealand's Parliament has passed a bill to implement its free trade agreement with India. The deal promises tariff relief for most New Zealand exports while opening duty-free access to Indian goods.Prime Minister Narendra Modi shakes hands with his New Zealand counterpart Christopher Luxon during the latter's visit to India in March 2025. (Photo: Reuters/File)New Zealand's Parliament on Wednesday passed legislation to implement a free trade agreement with India, under which tariffs on about 95 per cent of New Zealand exports to India would be eliminated or significantly reduced.The legislation passed by a vote of 93-29, with support from the opposition Labour Party.More than half of all products covered would become duty-free from the day it takes effect."For exporters, the benefits are immediate and substantial," New Zealand Trade Minister Todd McClay said in a statement. "We expect this high-quality agreement to enter into force this year, delivering on our promise to complete a free trade agreement with India this term."Under the deal, all Indian goods will receive duty-free access to New Zealand. Wellington has also agreed to invest NZ$20 billion (around Rs 1 lakh crore) in India over the next 15 years. Both nations originally signed the trade agreement in April.Two-way trade totalled NZ$3.99 billion (around Rs 19,500 crore) in the year to June 2026, with India ranking as New Zealand's ninth-largest goods and services export market.The trade deal will become effective after both nations complete their respective ratification procedures.- EndsPublished By: Prateek ChakrabortyPublished On: Sep 16, 2026 07:35 IST