The Central Board of Indirect Taxes and Customs (CBIC) and the New Zealand Customs Service (NZCS) signed a Memorandum of Cooperation (MoC) concerning electronic origin
data exchange of trade in goods, the finance ministry said on Wednesday.
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, the ministry said in a statement.
The MoC was signed under the India-New Zealand FTA which entered into force from October 20, and is a step towards strengthening customs cooperation and facilitating bilateral trade between the two countries.
It 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.
By enabling the advance electronic exchange of origin data on trade in goods, the arrangement will deepen customs cooperation and support the effective implementation of trade facilitation measures, the finance ministry said in a statement.
It will also help align bilateral customs cooperation with evolving international practices in digitalisation, information exchange and trade facilitation.
It will support the effective utilisation of trade preferences under the India-New Zealand Free Trade Agreement (FTA) and help ensure that the benefits negotiated under the agreement reach eligible businesses in both countries more efficiently and with greater certainty, the ministry added.
India’s free trade agreement with New Zealand came into force on October 20, allowing 100 per cent of Indian goods, including leather, footwear, apparel and textiles to enter the country at zero import duty in the island country. The agreement also open the Indian market for New Zealand goods.