India-New Zealand FTA comes into force: What changes from today
The India-New Zealand FTA brings duty-free access for Indian exports and lower duties on selected New Zealand imports. Here is all that changes from today
India's free trade agreement (FTA) with New Zealand has introduced its first set of import duty concessions, effective October 20. The Finance Ministry announced revised basic customs duty (BCD) and cess rates for eligible imports on October 16. The concessions cover designated tariff lines, with sheep meat and kiwi fruit imports receiving preferential rates.
Fresh, chilled and frozen sheep meat will be duty-free, while eligible kiwi fruit will attract a 15% basic customs duty rate from October 20. Certain fish products will have a BCD of 25.71% with zero AIDC and health cess. Importers must check the relevant tariff entries and conditions before claiming concessions and meet product-specific requirements and prove New Zealand origin.
Access to the concessions is governed by the quantities and conditions prescribed for the relevant products. Dairy products and key agricultural items remain outside the concessions. The notification, issued under Section 25(1) of the Customs Act, 1962, outlines the rates and conditions for the first set of customs duty concessions under the India-New Zealand FTA.
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- India-New Zealand FTA: Sheep meat gets zero duty, kiwi fruit at 15% as tariff cuts take effect October 20 livemint.com
- India-New Zealand FTA comes into effect today economictimes.indiatimes.com
