Full transcript
0:00Some more news coming in. New Zealand
0:01Parliament passes India trade deal
0:03cutting tariffs on most exports. New
0:05Zealand's New Zealand's Parliament on
0:08Wednesday passed legislation to
0:10implement [music] a free trade agreement
0:12with India under which tariffs on about
0:1495% [music] of New Zealand exports to
0:16India would be eliminated or
0:18significantly reduced. The legislation
0:20passed by a vote of 93 to 29 with
0:23support from the opposition Labour
0:25Party. More than half of all products
0:27covered would become duty-free from
0:29[music] the date takes effect. So, for
0:31exporters, the benefits are immediate
0:33and substantial. This is what New
0:35Zealand is claiming and it also expects
0:37[music] that this high-quality agreement
0:39will enter into force this year
0:41delivering on the promise to complete a
0:43free trade agreement with [music] India
0:45this term. So, under the deal under the
0:48deal all Indian goods will receive
0:50[music] duty-free access to New Zealand.
0:52Wellington has also agreed to invest 20
0:54billion dollars in India [music] over
0:55the next 15 years. Both nations
0:57originally signed the trade agreement in
0:59April during [music]
1:00Prime Minister Modi's visit and two-way
1:03trade totaled
1:05New Zealand's 3.99 billion dollar and in
1:09the year two
1:11June 2026 with India ranking as New
1:13Zealand's ninth largest goods and
1:15services [music] export market. The
1:17trade deal will become effective after
1:18both nations complete [music] their
1:20respective ratification procedures.