CNN Central News & Network-ITDC India Epress/ITDC News Delhi: New Delhi, October 21: India and New Zealand have signed a customs cooperation arrangement to exchange origin data electronically, aiming to make bilateral goods trade more efficient and predictable.
The Finance Ministry announced the memorandum on Wednesday. It was signed on October 19 by Central Board of Indirect Taxes and Customs Chairman Vivek Chaturvedi and New Zealand Customs Service Comptroller and Chief Executive Christine Stevenson.
The arrangement sits under the India-New Zealand free trade agreement, which entered into force on October 20, according to the ministry.
Advance electronic exchange of origin information is intended to reduce information gaps between customs administrations and improve operational efficiency. The ministry said the measure would also help eligible businesses make use of trade preferences under the agreement with greater certainty.
The memorandum focuses on digital information exchange and cooperation between customs authorities. Its practical importance for traders lies in more predictable handling of the origin information used in bilateral trade, rather than a separate announcement of new tariff concessions.
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