New Delhi: With the India-New Zealand free trade agreement set to be effective on October 20, the Commerce Ministry on Monday laid out a procedure to allocate concessional duty-based quotas for imports of apples, kiwifruit, and Manuka honey from the island nation.
Under the pact, India is providing Tariff Rate Quotas (TRQs) in a calibrated manner for apples, kiwifruit, Manuka Honey and Albumins, along with Minimum Import Price (MIP) provisions and other safeguard measures.
This approach ensures calibrated imports while protecting the domestic farmers’ interests.
He said that the pact would provide huge opportunities to Indian exporters.
Flagging off heavy earthmoving and construction equipment maker JCB India’s small excavator, which will be exported to New Zealand under the trade pact, Goyal said the company exports 25 per cent of its total production to different countries from India.
“I am giving them a target to increase it to 50 per cent. New Zealand is now the 140th export destination for them,” he said.
The pact also establishes an agricultural productivity partnership whereby New Zealand’s technology will meet India’s scale and growing demand.
He added that sensitive sectors like dairy, onions, chickpeas, peas, corn, almonds, artificial honey and sugar have been kept out of the trade deal.
The commerce ministry has notified the procedure for allocation of Tariff Rate Quotas (TRQ) under the trade agreement. Goods under TRQ includes apples, kiwi fruit, albumins and Manuka honey.
