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The India-New Zealand Free Trade Agreement is expected to take effect within a month.
Both countries are exchanging official notes before the pact becomes effective.
The New Zealand Parliament approved the deal by 93 votes to 26.
The agreement has also received royal assent.
Why it mattersThe deal could lower trade barriers and shape the next phase of India-New Zealand economic ties.
More context
McClay said Indian exporters will get immediate duty-free access across all products.
He said the deal could broaden cooperation in agriculture, technology, and renewable energy.
McClay said leaders from both countries aim to double bilateral trade by 2030.