Indian Exporters Must Engage Early With New Zealand Buyers, Use Schemes To Tap FTA Gains: Industry Chamber

(MENAFN- IANS) New Delhi, Oct 22 (IANS) Indian exporters, including micro, small and medium enterprises, should engage early with New Zealand buyers and leverage schemes such as the Export Promotion Mission to maximise gains from the newly implemented bilateral free trade agreement, the Chairman of Confederation of Indian Industry National Committee on Exports Sanjay Budhia said on Thursday.

Budhia, also the managing director of Patton International Ltd, said exporters must check product-specific rules of origin of the pact - which came into force on October 20.

The agreement grants Indian exporters duty‐free access across all tariff lines in New Zealand, eliminating duties of up to 10 per cent on engineering goods, textiles, leather and footwear.

"I urge exporters, especially MSMEs, to move early, engage with New Zealand buyers, check product-specific rules of origin, and make full use of schemes such as the Export Promotion Mission. New Zealand can also serve as a gateway to the wider Oceania and Pacific Island markets," he said.

The agreement is also set to benefit a wide range of industries such as chemicals, plastics, electronics, pharmaceuticals, and processed foods alongside labour-intensive sectors.

Streamlined SPS and TBT (Sanitary and Phytosanitary Measures and Technical Barriers to Trade) procedures, electronic certification, and acceptance of GMP (Good Manufacturing Practices) and GCP (Good Clinical Practice) inspection reports will cut compliance costs, he added.

The benefits of FTA extend beyond tariff reductions and the agreement facilitates faster customs clearance procedures, another report said.

Indian customs have committed to releasing goods within 48 hours and to endeavour to release perishable goods within 24 hours.

India's customs authority Central Board of Indirect Taxes and Customs (CBIC) and New Zealand Customs Service (NZCS) had signed a memorandum to enable advance electronic exchange of origin data for goods.

The electronic exchange of origin data is expected to improve operational efficiency, reduce information gaps and provide greater certainty to traders engaged in bilateral trade.

-IANS

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