New Zealand Labour Party Backs Free Trade Agreement with India
New Zealand's opposition Labour Party to support free trade deal with India
Business Standard
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New Zealand's opposition Labour Party has announced its support for a free trade agreement with India, facilitating its passage through parliament. The deal, set to be signed in Delhi, aims to eliminate tariffs on 95% of New Zealand's exports to India and allows duty-free access for all Indian goods.
- 01Labour Party's support is crucial for the free trade deal's ratification in parliament.
- 02The agreement will eliminate tariffs on 95% of New Zealand's exports to India.
- 03More than half of the products will be duty-free from day one of the pact.
- 04New Zealand plans to invest $20 billion in India over the next 15 years.
- 05The deal is scheduled to be signed on Monday in Delhi.
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The opposition Labour Party in New Zealand has pledged to support a free trade agreement with India, which is crucial for the deal's passage through parliament. Opposition leader Chris Hipkins acknowledged that while the Labour Party would not have negotiated the deal themselves, they recognize the importance of the relationship with India and its Indian communities. The agreement, concluded in December, aims to eliminate or reduce tariffs on 95% of New Zealand's exports to India, with over half of the products becoming duty-free immediately. Additionally, all Indian goods will gain duty-free access to New Zealand. New Zealand also committed to investing $20 billion in India over the next 15 years. The signing of the agreement is set for Monday in Delhi. Historically, trade agreements in New Zealand have received bipartisan support, and exporters have called for cross-party backing for this deal.
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This trade agreement could open up significant market opportunities for New Zealand exporters, potentially leading to increased sales and job creation.
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