India and New Zealand have signed a Memorandum of Cooperation (MoC) to facilitate bilateral trade under the India-New Zealand Free Trade Agreement. The agreement aims to improve operational efficiency, reduce information gaps, and provide greater certainty to traders.
On the 19th of this month, India and New Zealand signed a Memorandum of Cooperation (MoC) on Electronic Origin Data Exchange, marking an important step towards strengthening customs cooperation between the two countries. The agreement was signed by Central Board of Indirect Taxes and Customs Chairman Vivek Chaturvedi and Comptroller and Chief Executive, New Zealand Customs Service, Christine Stevenson. According to the Ministry of Finance, this MoC reflects the shared commitment of India and New Zealand to leverage digitalisation and enhanced information exchange for more efficient, secure, and predictable cross-border trade.
The Memorandum of Cooperation between the two countries will deepen customs cooperation and support the effective implementation of trade facilitation measures. The electronic exchange of origin data is expected not only to improve operational efficiency but also to reduce information gaps and provide greater certainty to traders engaged in bilateral trade. This arrangement will further help ensure that the benefits negotiated under the India-New Zealand Free Trade Agreement reach eligible businesses in both countries more efficiently and with greater certainty.
The initiative reflects a forward-looking approach to align bilateral customs cooperation with evolving international practices in digitalisation, information exchange, and trade facilitation.
Source:
Akashvani News
