Other products, including seafood, industrial goods, m\u0101nuka honey and some fruit, will receive phased tariff cuts, elimination or quota-based access.<\/p>\n
Tariffs on wine will also fall sharply from as high as 150% to between 25% and 50% over time.<\/p>\n
New Zealand did not secure full access to India\u2019s tightly protected dairy market, long one of the biggest hurdles in trade talks<\/a>.<\/p>\n While core dairy products are excluded, tariffs on bulk infant formula and other high-value dairy preparations will be eliminated over seven years.<\/p>\n Prime Minister Christopher Luxon said the benefits of the deal were \u201cwidespread\u201d and would put \u201cmore money in Kiwis\u2019 pockets\u201d.<\/p>\n \u201cOur business community is excited to see the doors of opportunity open to 1.4 billion people whose economy is set to become the third largest in the world.\u201d<\/p>\n Luxon pointed to a \u201cMost Favoured Nation\u201d clause for wine and services as one example of how New Zealand exporters could benefit.<\/p>\n The clause provides that if India later gives the European Union better market access for wine or services, the same terms would automatically apply to New Zealand exporters.<\/p>\n Luxon said the provision alone could be worth \u201ctens of millions of dollars in extra exports for the New Zealand economy\u201d, adding two-way trade between New Zealand and India is currently worth about $3.95 billion.<\/p>\n \u201cThe deal we have struck and the relationship we have built will grow this exponentially and deliver deep and lasting benefits for generations to come,\u201d he said.<\/p>\n The deal has attracted broad political support, with Labour only signalling its backing last week<\/a> despite earlier criticism of the Government\u2019s handling of the negotiations.<\/p>\n The party flagged a clause which required the Government to promote New Zealand private sector investment in India, with a goal of increasing that investment by about $34b over the next 15 years.<\/p>\n Labour\u2019s concern was that if New Zealand did not fulfil this obligation, India could claw back concessions to New Zealand exporters.<\/p>\n \u201cThere is an ability for India to step in and basically remove all the benefits this FTA provides,\u201d Labour\u2019s spokesman for trade Damien O\u2019Connor said.<\/p>\n \u201cWe aren\u2019t able to change the agreement. What we do have to do is look at what this agreement might mean in 15 years\u2019 time.\u201d<\/p>\n Labour leader Chris Hipkins said last week his concerns about the \u201cvery unrealistic\u201d investment target remained.<\/p>\n \u201cAll of our exporters who seek to take advantage of the opportunities this trade agreement provides need to do their own due diligence,\u201d he said.<\/p>\n New Zealand First leader Winston Peters and deputy leader Shane Jones have been among the strongest critics of the agreement<\/a>.<\/p>\n Jones previously warned of a \u201cbutter chicken tsunami\u201d, remarks Hipkins condemned as racist<\/a>.<\/p>\n