Under the India-New Zealand Free Trade Agreement, the two countries have signed a Memorandum of Cooperation (MoC) to enhance customs cooperation and facilitate bilateral trade through electronic origin data exchange.
On the 19th of this month, the Central Board of Indirect Taxes and Customs Chairman Vivek Chaturvedi and Comptroller and Chief Executive, New Zealand Customs Service Christine Stevenson signed a Memorandum of Cooperation (MoC) on Electronic Origin Data Exchange. This significant step marks an important move towards strengthening customs cooperation between the two countries.
The Ministry of Finance has stated that this initiative 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 MoC aims to deepen customs cooperation and support the effective implementation of trade facilitation measures under the India-New Zealand Free Trade Agreement.
The electronic exchange of origin data is expected to improve operational efficiency, reduce information gaps, and provide greater certainty to traders engaged in bilateral trade. This arrangement will support the effective utilisation of trade preferences under the India-New Zealand Free Trade Agreement, ensuring that the benefits negotiated under the Agreement reach eligible businesses in both countries more efficiently and with greater certainty.
Source:
Akashvani News
