WELLINGTON, Feb. 27 (Xinhua) -- The implementation of a Mutual Recognition Arrangement (MRA) between New Zealand and China's Hong Kong Special Administrative Region (SAR) will bring significant benefits to New Zealand exporters, a New Zealand customs official said on Wednesday.
The MRA between Hong Kong and New Zealand that was signed in June 2018 came into effect on Friday, following a ceremonial announcement in Hong Kong.
"MRAs are formal arrangements between customs agencies with similar supply chain security standards," Acting Comptroller of Customs Bill Perry said in a statement.
The Hong Kong SAR and New Zealand are well aligned in this regard, and this arrangement will enable smoother trade for both New Zealand and Hong Kong importers and exporters, Perry said.
"Members of our Secure Export Scheme receive front-of-line priority and are able to move their goods more quickly and effectively through streamlined customs procedures," he said, adding the implementation of this arrangement is another important step in strengthening cooperation between New Zealand and Hong Kong customs agencies.
Hong Kong is New Zealand's ninth largest goods export market. In 2018, two-way trade between New Zealand and Hong Kong was valued at more than 2 billion NZ dollars (1.4 billion U.S. dollars).