India, New Zealand ink free trade agreement
New Delhi (PTI): India and New Zealand on Monday inked a free trade agreement, aimed at boosting two-way commerce and investments.
The pact was signed by Commerce and Industry Minister Piyush Goyal and visiting New Zealand's Trade and Investment Minister Todd McClay.
The FTA provides duty-free access for 100 per cent of India's exports to New Zealand, covering all tariff lines or produce categories, and is expected to significantly boost MSMEs and employment by enhancing competitiveness in labour-intensive sectors such as textiles, apparel, leather, footwear, gems and jewellery, engineering goods, and processed foods.
Earlier, New Zealand maintained peak tariffs of up to 10 per cent on key Indian exports, including ceramics, carpets, automobiles, and auto components.
With zero-duty market access from entry into force as New Zealand's other trade partners, Indian products will be fully competitive in that country, enjoying a level playing field.
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Significantly, India also secured duty-free inputs for its manufacturing sector, including wooden logs, coking coal, and waste and scraps of metals, lowering production costs and enhancing the global competitiveness of the Indian industry.
On the other hand, India has offered tariff liberalisation on 70.03 per cent of tariff lines covering 95 per cent of bilateral trade value, while keeping 29.97 per cent of tariff lines excluded to protect India's sensitive sectors.
The products that are kept in exclusion are mainly -- dairy (milk, cream, whey, yoghurt, cheese etc.), animal products (other than sheep meat), agricultural products (onions, chana, peas, corn, almonds), sugar, artificial honey, animal, vegetable or microbial fats and oils, arms and ammunition, gems and jewellery, copper and articles thereof (cathodes, cartridges, rods, bars, coils), aluminium and articles thereof (ingots, billets, wire bars) among others.
On 30 per cent of tariff lines of New Zealand, India will provide duty elimination on goods such as wood, wool, sheep meat, and leather-raw hides.
Similarly, 35.60 per cent of tariff lines are subject to phased elimination over 3, 5, 7, and 10 years, including petroleum oil, malt extract, vegetable oils, selected electrical and mechanical machinery, and peptones.
New Zealand products which enjoy tariff reductions include wine, pharmaceutical drugs, polymers, aluminum, iron and steel articles, and goods that only 0.06 per cent fall under tariff rate quotas, including Manuka honey, apples, kiwi fruit, and albumins, including milk albumin.
The FTA also includes a commitment to facilitate USD 20 billion in investment into India.
A rebalancing clause is incorporated into the Agreement to provide a framework for addressing any shortfall in investment delivery, thereby ensuring robust and tangible economic outcomes.
Total bilateral trade in goods and services reached USD 2.4 billion in 2024.
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Bengal CM Mamata Banerjee holds roadshow in south Kolkata to end campaign
Kolkata (PTI): Chief Minister Mamata Banerjee undertook a roadshow in south Kolkata spanning over six kilometres on Monday afternoon at the fag end of campaigning for the second and final phase of the West Bengal assembly election.
The TMC chief was accompanied by party Rajya Sabha MP Sagarika Ghose and candidates Aroop Biswas and Debasish Kumar from Tollygunge and Rashbehari, respectively.
People waiting on the roadside and on rooftops and balconies waved at Banerjee as she greeted them with folded hands, walking briskly, as her party compatriots had a tough time keeping pace with her.
The chief minister is contesting from the Bhabanipur assembly seat, where she is pitted against her bete noire, Suvendu Adhikari of the BJP, who defeated her in the 2021 elections in Nandigram.
Banerjee was subsequently elected from Bhabanipur in a byelection.
The roadshow started at Sukanta Setu in the Jadavpur area and culminated at Gopalnagar crossing, past her Kalighat residence, with two small stopovers in between.
TMC flags, festoons, cutouts of Banerjee and banners with slogans in favour of the candidates adorned the roadsides through which the road show passed and culminated at around 5.30 pm.
A large number of TMC supporters participated in the roadshow that Banerjee conducted to end her campaign for the 2026 assembly election in West Bengal.
