Commerce and Industry Minister Piyush Goyal said on Monday that India and New Zealand have officially ratified their Free Trade Agreement (FTA) and is set to take effect from October 20.The two sides have finalised their internal legal procedures for enacting the trade agreement and officially exchanged diplomatic notes affirming its ratification, according to the ministry.New Zealand’s Minister for Trade and Investment Todd McClay exchanged official documents with Muanpuii Saiawi, India’s High Commissioner to New Zealand, at New Zealand’s Parliament on Monday.India and New Zealand signed the FTA on April 27, calling it an important move to enhance trade, investment, and economic relations between both nations.According to the agreement, New Zealand will eliminate tariffs on all products brought in from India. India, in the meantime, will remove or lower tariffs on 95 per cent of its existing imports from New Zealand.The FTA grants duty-free entry for all of India’s exports to New Zealand.At present, New Zealand imposes maximum tariffs of as much as 10 percent on important Indian products, such as ceramics, carpets, cars, and auto parts. New Zealand has pledged to invest USD 20 billion in India over a period of 15 years.In the meantime, New Zealand’s Prime Minister Christopher Luxon said the India-New Zealand Free Trade Agreement (FTA) has been finalised and will take effect this October, after receiving parliamentary approval for the agreement earlier this month.In a post on X, Luxon stated that the deal would generate increased opportunities for exporters, bolster business expansion, and lead to more jobs and higher wages in the nation.“Almost exactly three years ago, I committed that National would secure a free trade deal with India within our first term if elected. And today, we finalised the deal, which comes into force next month,” reads the post“It is exciting to think of how many businesses will grow as a result of this FTA, and then consider what that means for them, for the people who work for them, and for the country as a whole. It means more opportunities for exporters, stronger growth for businesses, and more jobs and higher incomes for New Zealand,” the post shows.