India-New Zealand free trade pact to come into force on October 20

Piyush Goyal, India's trade minister, announced on Monday that the free trade agreement with New Zealand, inked in April, takes effect on October 20. Business Recorder reported that the step is part of New Delhi's push to lift exports and draw in investment at a time of shifting global trade patterns.

The agreement comes as U.S. President Donald Trump has signed a law granting him power to levy tariffs of up to 100% on countries such as India over purchases of Russian oil. New Zealand's parliament passed the implementing legislation last week, and duties on roughly 95% of its shipments to India, such as wine, kiwi fruit and apples, will be removed or cut substantially. Indian goods will receive duty-free access to New Zealand, and the pact eases mobility rules for students and workers.

Wellington has also committed $20 billion of investment in India across the coming 15 years. Leaders Christopher Luxon and Narendra Modi have pledged to double bilateral trade by 2030 from a base of roughly $2.3 billion over the 12 months to June. McClay told a ratification event by video link that the deal shows two countries can agree on terms helpful to commerce even as tariffs rise and barriers go up elsewhere. Separately, India said last week that the new tariff law could affect its bilateral ties with the United States.