TRANS-Tasman trade will become faster following the signing Mutual Recognition Arrangement (MRA) by Australia and New Zealand customs agencies.

Australian Border Force (ABF) Commissioner Roman Quaedvlieg, and NZ Customs Comptroller, Carolyn Tremain, met at the World Customs Organization’s sessions in Brussels to sign the MRA last Friday.

The arrangement would benefit members of the Australian Trusted Trader (ATT) programme and the NZ Customs Secure Export Scheme (SES).

It is anticipated that $3 billion of New Zealand exports to Australia, and $7.5 billion of Australia’s exports to New Zealand will be fast tracked.

“Reducing the regulatory duplication between the two schemes will make it easier for Australian and New Zealand businesses to trade with each other and boost the international competitiveness of both countries,” says Quaedvlieg.

The two agencies already work closely together and this arrangement will provide further assurance over trans-Tasman trade for both countries.

“The MRA means New Zealand’s Secure Export Scheme members will benefit from a faster and smoother border experience with our closest neighbour, and gives traders on both side of the Tasman a competitive advantage,” says Tremain.

SOURCE: Business News Australia