Auckland (The NZ Today)
New Zealand’s free trade agreement with India has moved another step towards implementation, with the legislation required to bring the deal into force receiving support from a parliamentary committee.
The Foreign Affairs, Defence and Trade Committee has recommended that the India Free Trade Agreement Legislation Amendment Bill progress through Parliament, with some technical changes proposed to ensure exporters can access the agreement’s benefits smoothly.
The trade deal, signed in April, is expected to remove or reduce tariffs on around 95 percent of New Zealand exports to India, including products such as kiwifruit, apples, meat, wool and forestry goods.
The committee’s recommendations include changes to manage the first year of the agreement, particularly if it comes into effect part-way through a quota year.
The proposed changes would allow proportional quota access for products including kiwifruit, apples, mānuka honey and albumin.
Prime Minister Christopher Luxon was recently asked about reports in Indian media suggesting the agreement could come into force as early as October. While he did not confirm a specific date, he said the Government was moving quickly to complete the required parliamentary process.
Trade Minister Todd McClay welcomed the committee’s recommendation, saying the agreement had strong backing from exporters, businesses and industry groups.
The bill will now need to pass further stages in Parliament, including additional readings, before it can receive Royal Assent and the agreement can officially take effect.
Source: RNZ
