India-New Zealand FTA to come into force on October 20: Goyal

The India-New Zealand Free Trade Agreement (FTA) will come into force on October 20, Commerce and Industry Minister Piyush Goyal said on Monday.

The agreement, signed by the two countries on April 27, aims to expand bilateral trade in goods and services and promote investments.

The FTA will take effect on Dussehra, which falls on October 20 this year, Goyal said.

Under the pact, New Zealand will provide duty-free access for 100 per cent of India's exports.

New Zealand currently levies peak tariffs of up to 10 per cent on several key Indian products, including ceramics, carpets, automobiles and auto components.

As part of the agreement, New Zealand has also committed to invest USD 20 billion in India over 15 years.