New customs agreement to build EU trade

A new Customs Cooperation Agreement between New Zealand and the EU was signed on Tuesday. The agreement will “strengthen cooperation with the European Union in such areas as Customs procedures and supply chain security and risk management,” according to a statement released by the Minister of Customs, Tim Macindoe. The general objective of the agreement is to “develop and intensify cooperation and mutual administrative assistance in customs matters with New Zealand,” and is intended to improve the legal framework and existing supply chain between the EU and New Zealand. Similar agreements have been signed between the EU and the US, China, Japan, Korea, India, Canada, and Hong Kong. “The Agreement also represents a necessary first step towards agreeing a mutually recognised secure trade scheme, which will ultimately allow accredited companies faster clearance of exports into the European Union and New Zealand,” said Macindoe. The EU is New Zealand’s third-largest trading partner, and was the top imports provider to New Zealand last year, worth $11.7 billion. Vehicle imports totalled $1.9 billion in 2016, and the EU imported nearly 45,000 cars into the country.