16 Apr 2024

New deal intends to make trade with Singapore simpler

10:08 am on 16 April 2024
Customs team and dog port

Photo: Customs NZ

Customs has signed an agreement with Singapore intended to make trade simpler for exporters.

A cooperation arrangement with Singapore Customs and its Infocomm Media Development Authority (IMDA) was signed electronically by New Zealand Customs comptroller and chief executive Christine Stevenson, Singapore Customs director general Tan Hung Hooi, and IMDA chief executive Lew Chuen Hong, on Friday.

The Arrangement on Facilitating Safe and Efficient Trade set out a framework for developing and strengthening practical cooperation on trade and the use of emerging technology.

It included exploring the use of TradeTrust, a trade tool developed by IMDA, which uses blockchain technology to digitalise border processes, speed up trade and reduce cost and risk of fraud.

The agreement comes as Prime Minister Christopher Luxon was in Singapore.

Customs deputy chief executive Jamie Bamford said the arrangement brought the countries closer and allowed for modernisations of systems to make things run smoother.

IMDA assistant chief executive Leong Der Yao said the agreement would further strengthen the technology collaboration.

"Including technology standards development and pursuing pilot projects to validate the benefits of using TradeTrust for trade documents.

"As we move forward, I am confident that this will benefit Singapore and New Zealand, and also set an example for international trade partnerships globally."

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