The free trade agreement between India and New Zealand will allow duty-free wine and spirits exports from India, while wines from the Oceania country will enter the domestic market at a concessional duty, which will be reduced over a period of 10 years.
The current tariff on wines in India is 150%, and as per the pact, India will reduce the import duty on New Zealand wines over a 10-year period.
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These concessions are identical to what India has given to another Oceania country - Australia - in a bilateral trade pact which was implemented in December 2022.
According to a statement of New Zealand's trade ministry, tariffs on New Zealand wine will be reduced by 66-83% over ten years from entry into force, with any further improvements for future FTA partners to be extended to New Zealand.
India has not granted any duty concessions on wines priced below USD 5 for a 750-ml bottle.
Above this price, the tariffs will be reduced from the present 150 per cent to 100% on the day of implementation, and then further cut down to 50% in the 10th year.
Further, for a bottle priced above USD 15, the duty will be reduced to 25% in the 10th year.
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