New Delhi, Oct 19 (PTI) A host of Indian goods from labour-intensive sectors such as leather, footwear, apparel and textiles will attract zero import duty in New Zealand from October 20, when the India-New
Zealand FTA comes into force, Commerce and Industry Minister Piyush Goyal said on Monday.
The agreement, which was signed on April 27, provides duty-free access for 100 per cent of India’s exports to New Zealand from Tuesday itself, he told reporters here.
The pact, he said, also facilitates significant investments of USD 20 billion over the next 15 years from New Zealand to India.
He said that the pact would provide huge opportunities to Indian exporters.
Flagging off heavy earthmoving and construction equipment maker JCB India’s small excavator, which will be exported to New Zealand under the trade pact, Goyal said the company exports 25 per cent of its total production to different countries from India.
“I am giving them a target to increase it to 50 per cent. New Zealand is now the 140th export destination for them,” he said.
The pact also establishes an agricultural productivity partnership whereby New Zealand’s technology will meet India’s scale and growing demand.
He added that sensitive sectors like dairy, onions, chickpeas, peas, corn, almonds, artificial honey and sugar have been kept out of the trade deal.
The commerce ministry has notified the procedure for allocation of Tariff Rate Quotas (TRQ) under the trade agreement. Goods under TRQ includes apples, kiwi fruit, albumins and Manuka honey. PTI RR RR ANU
ANU
