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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