India notifies first tariff cuts under New Zealand FTA
India will implement duty concessions for certain imports from New Zealand starting October 20, under a new FTA. The concessions include zero basic customs duty for sheep meat and specific rates for fish and wine. Additionally, provisions have been made for manuka honey and kiwi fruit imports with varying duties. Sensitive categories like dairy products are excluded from this trade liberalization…
India has announced its first set of tariff reductions for imports from New Zealand under their bilateral free trade agreement (FTA), effective October 20. The Department of Revenue outlined specific duties and cess rates, along with tariff-rate quotas (TRQs) for selected goods. These concessions hinge on tariff classification, product conditions, and proof of New Zealand origin.
For example, fresh, chilled, and frozen sheep meat will face zero basic customs duty (BCD), agriculture infrastructure and development cess (AIDC), and health cess. Certain fish products will have a 25.71% BCD, with zero AIDC and health cess. Wine imports will be subject to a 20% BCD, while AIDC will be determined by CIF value. Manuka honey priced at $30 per kg or more will see a 51% BCD, with an annual TRQ of 40 tonnes for honey valued at $20 per kg or more but less than $30 per kg.
Kiwi fruit imports valued at $2.50 per kg or more will have a 15% BCD, and albumins, including milk-derived proteins, will have a 10% BCD within an annual TRQ of 200 tonnes. The notification also offers zero-BCD treatment for specified furniture and related products, excluding sensitive categories like dairy products and certain agricultural items.
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