New Zealand Starts FTA Ratification, No Set Date Yet

"This is not an invitation just to invest; it is an invitation for a long-term partnership with India," Tandon said, quoting Modi's message to business leaders.

The lack of a fixed ratification timeline creates uncertainty for companies planning trade flows. Bipartisan backing in New Zealand reduces the risk of political delays. Luxon's government controls a majority in Parliament. Opposition parties have not signaled opposition to the deal.

For Indian exporters, the timeline matters most. Tariff reductions for sectors like textiles, pharmaceuticals, leather, and agricultural products will phase in only after ratification. Each month of delay pushes back the date when Indian manufacturers can sell into New Zealand at lower duties.

New Zealand exporters of dairy, forestry, and horticultural goods face the same wait. Fonterra and other dairy cooperatives have been pushing for faster access to India's large but protected market. Tariff rates on dairy products currently exceed 30% in many categories. The FTA would phase these down over several years.

The $20 billion investment facilitation target signals intent on both sides. Tandon stressed the figure reflects opportunity, not obligation. India's market size and reform momentum make the target achievable without penalties, he suggested.

"The real point is that there is a great opportunity opening up in India," Tandon said. "We have a large market, and we are undertaking significant structural reforms."

The next concrete milestone is the second reading in New Zealand's Parliament. No date has been announced. The government in Wellington has not given a timeline for when all three readings will be finished. Ratification could take weeks or months, depending on the legislative calendar.