New Zealand Parliament passes India trade deal bill, tariff relief on 95% of exports

New Zealand's Parliament on Wednesday passed legislation to implement a free trade agreement with India, under which tariffs on about 95 per cent of New Zealand exports to India would be eliminated or significantly reduced.

The legislation passed by a vote of 93-29, with support from the opposition Labour Party.

More than half of all products covered would become duty-free from the day it takes effect.

"For exporters, the benefits are immediate and substantial," New Zealand Trade Minister Todd McClay said in a statement.

"We expect this high-quality agreement to enter into force this year, delivering on our promise to complete a free trade agreement with India this term."

Under the deal, all Indian goods will receive duty-free access to New Zealand. Wellington has also agreed to invest NZ$20 billion (around Rs 1 lakh crore) in India over the next 15 years.

Both nations originally signed the trade agreement in April.

Two-way trade totalled NZ$3.99 billion (around Rs 19,500 crore) in the year to June 2026, with India ranking as New Zealand's ninth-largest goods and services export market.