Customs agreement with South Korea to benefit exporters - Williamson
A customs agreement between New Zealand and South Korea will allow imports and exports from both countries to be processed faster, Customs Minister Maurice Williamson says.
A customs agreement between New Zealand and South Korea will allow imports and exports from both countries to be processed faster, Customs Minister Maurice Williamson says.
The agreement allows New Zealand secure export scheme (SES) members to be treated like their South Korean equivalents, allowing New Zealand goods to jump to the front of the queue at Korean customs. The same applies to South Korean imports into New Zealand.
The agreement is the third of its type, with agreements already in place with the United States and Japan.
South Korea is New Zealand's sixth largest export market, accounting for $1.413 billion in trade last year, as well as the eighth largest source of imports, at a value of $1.387b.
The agreement, signed last weekend, will become operational from January 1.
Mr Williamson said it would also help strengthen trade ties while the two countries negotiated a bilateral trade agreement.
"The Government is looking forward to concluding that agreement at the earliest opportunity," he said.
NZPA
Tue, 28 Jun 2011
Tue, 28 Jun 2011
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Customs agreement with South Korea to benefit exporters - Williamson
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