Business · Sri Lanka Bureau
India-New Zealand free trade agreement set to take effect October 20
The free trade pact between India and New Zealand, finalised in April following months of negotiations, will formally commence operations on October 20 after receiving ratification from both nations. The agreement is expected to facilitate increased bilateral trade and investment between the two countries.
LSN Sri Lanka ·
India and New Zealand's long-awaited free trade agreement will officially enter into force on October 20, marking a significant milestone in the commercial relationship between the two nations. The comprehensive pact was signed in April after extensive negotiations and has now secured the necessary ratifications from both governments to proceed.
The trade agreement encompasses goods and services, with provisions designed to reduce tariffs and streamline customs procedures between the two economies. Officials from both countries have indicated the deal will create new opportunities for businesses and investors in various sectors, including agriculture, dairy, manufacturing, and information technology.
The implementation of the agreement comes amid broader efforts by both nations to strengthen economic ties in the Indo-Pacific region. New Zealand's trade with South Asian nations has grown steadily, and this pact is expected to deepen commercial partnerships with India, the region's largest economy.
Business representatives from both countries have expressed optimism about the accord, with particular interest noted in enhanced market access for agricultural and dairy products from New Zealand, as well as increased opportunities for Indian service providers and manufacturers in the New Zealand market. The agreement is anticipated to boost bilateral trade volumes and create employment opportunities across multiple sectors in both nations.