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June 28, 2017

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Home » Business » Finance

Trade with NZ fast-tracked

TRADERS in China and New Zealand will see customs clearance time cut by as much as half from next month when a mutual recognition agreement takes effect, the General Administration of Customs said yesterday.

Holders of the highest-level certificate in both countries’ Authorized Economic Operator program will enjoy faster clearance through reduced document checks and physical examination, priority given to the inspection of cargo subject to physical examination, designated customs officials in charge of communication, and expedited clearance in case of disruption to international trade, according to the agreement.

Clearance times are expected to be cut by 50 percent for qualified traders and the chances of a physical cargo examination will drop 50-80 percent, customs officials said.

China’s AEO program assesses traders’ credibility and offers two levels of certification for traders: the advanced certificate and the general certificate, based on their internal controls, financial status and compliance records.

Advanced certificate holders enjoy the easiest clearance procedures. More than 2,000 Chinese companies have advanced certificates, of which nearly 1,000 export to New Zealand — a fifth of China’s exports to the country.

About half New Zealand’s exports to China are expected to benefit from the deal.


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