Business News | India, New Zealand Sign Data-sharing Pact to Ease Bilateral Trade Under New FTA
Get latest articles and stories on Business at LatestLY. India and New Zealand have signed a Memorandum of Cooperation (MoC) for the electronic exchange of trade-related origin data, aimed at facilitating bilateral trade and helping businesses access tariff benefits under the recently implemented Free Trade Agreement (FTA) between the two countries.
New Delhi [India], October 21 (ANI): India and New Zealand have signed a Memorandum of Cooperation (MoC) for the electronic exchange of trade-related origin data, aimed at facilitating bilateral trade and helping businesses access tariff benefits under the recently implemented Free Trade Agreement (FTA) between the two countries.
The development comes a day after the India-New Zealand FTA came into force on October 20, 2026, opening new opportunities for exporters and businesses in both countries.
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According to a release issued by the Ministry of Finance on Wednesday, the arrangement will allow customs authorities in both countries to exchange information electronically on the origin of traded goods, helping them verify whether products qualify for preferential tariff treatment under the FTA.
"The MoC 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 Ministry stated.
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The India-New Zealand FTA, which became operational on Tuesday, provides duty-free access to the New Zealand market for Indian goods, offering opportunities for sectors including textiles, garments, leather, engineering goods and other manufactured products.
The customs cooperation agreement is expected to support the implementation of these trade benefits by reducing information gaps, improving efficiency and providing greater certainty to businesses engaged in bilateral 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 Ministry said.
The exchange of origin information is particularly important under free trade agreements, as preferential tariffs are available only to goods that meet the prescribed rules of origin.
The Ministry said the arrangement would also bring customs cooperation between India and New Zealand in line with evolving international practices in digitalisation and information exchange.
"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," it stated.
The Ministry added that the initiative would help ensure that the benefits negotiated under the FTA reach eligible businesses in both countries more efficiently and with greater certainty. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)