New Delhi, Oct 21 (SocialNews.XYZ) India’s customs authority Central Board of Indirect Taxes and Customs (CBIC) and New Zealand Customs Service (NZCS) signed a memorandum to enable advance electronic exchange of origin data for goods, an official statement 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 statement from the Ministry of Finance said the Memorandum of Cooperation on Electronic Origin Data Exchange of Trade in Goods was signed on October 19, 2026 under the India‑New Zealand Free Trade Agreement that entered into force on October 20, 2026.
The MoC reflects the shared commitment of both countries to leverage digitalisation and enhanced information exchange for more efficient, secure and predictable cross-border trade, the statement noted.
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, it added.
The initiative also reflects a forward-looking approach to align bilateral customs cooperation with evolving international practices in digitalisation, information exchange and trade facilitation.
Further, the arrangement 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 benefits of FTA extend beyond tariff reductions and the agreement facilitates faster customs clearance procedures, another report said.
Indian customs have committed to releasing goods within 48 hours and to endeavour to release perishable goods within 24 hours.
India is currently only New Zealand’s 10th-largest export market despite its economic scale. NZ exports remain concentrated in a relatively small number of markets, and diversifying reduced economic risk for the country.
—IANS
aar/pk
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz