India-NZ FTA in force: Over half of New Zealand’s exports to India now tariff-free, Wellington also eyes Brazil, Canada
New Zealand is working to strengthen trade relations with Brazil and Canada in response to economic uncertainties. The country expects to complete the first New Zealand-Brazil Trade and Investment Dialogue after upcoming elections. A new free trade agreement with India has been implemented, making more than half of exports tariff-free. The agreement will benefit various products, including sheep…
Wellington announced on Tuesday that the New Zealand-India Free Trade Agreement (FTA) is now in effect. This development will see over half of New Zealand's exports to India becoming tariff-free, with this percentage set to increase to 82% over time. The removal of tariffs will benefit a variety of products, with sheep meat, wool, coal, apples, kiwifruit, and milk albumins being some of the items directly affected.
The gains from this FTA will extend beyond exports, positively impacting suppliers, local businesses, and the communities they support, according to Trade and Investment Minister Todd McClay.
Looking ahead, New Zealand has set its sights on deepening trade ties with Brazil and Canada to diversify its export markets, particularly in the face of global economic uncertainty. This push comes ahead of New Zealand's upcoming election on November 7. The Trade and Investment Minister highlighted that the FTA is part of a broader strategy to double the value of New Zealand's exports by 2034.
New Zealand has also announced plans to establish formal dialogues with both Brazil and Canada. For Brazil, a New Zealand-Brazil Trade and Investment Dialogue is expected to be scheduled following Brazil's October 25 election runoff and New Zealand's own vote. With Canada, the two countries will create an annual dialogue between senior officials, followed by annual trade-minister meetings.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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