New Rules in Trans-Tasman Trade (What You Need to Know)
A trans-Tasman customs mutual recognition agreement (MRA.) due to come into force by June next year will lessen border checks and speed the movement of export products to market for members of the two countries supply chain security programmes.
New Zealand Customs Service and the Australian Border Force last Friday signed a statement of intent in Canberra to work towards the MRA in support of enhanced supply chain security and trade facilitation.
Complementing MRAs currently in existence between New Zealand and the United States, Japan and the Republic of Korea, the agreement will be Australia’s first MRA and coincides with the country’s development of its first trusted trader programme.
Noting the two agencies already share a close partnership. New Zealand Customs Comptroller Carolyn Tremain said the MRA would underpin close alignment between the local Secure Export Scheme and Australia’s Trusted Trader programme.
“Recognition will benefit trusted trans-Tasman traders by reducing clearance times and making customs processes easier,” said Ms Tremain.
Ms Tremain added that a comparison would need to be undertaken of the respective programmes to conclude the MRA, with implementation expected to come into effect soon after the June deadline.
Trade in goods between the two countries currently totals about $18 billion per year, with Australia regularly one of New Zealand’s top-two trading partners and New Zealand currently Australia’s ninth-largest trading partner.
Source: NZ Shipping Gazette
We’d love to answer any of your questions! Contact us now.
P.S. Do you know of other people that will find this article useful? Please share it on social media. Thank you!