SINGAPORE: A Statement of Intent has been signed between Singapore Customs and New Zealand Customs Service to further facilitate trade flows.

Total trade between the two sides amounted to S$3 billion last year.

The mutual recognition agreement will see closer cooperation to enhance security of the supply chain.

It would also translate to greater benefits to companies under the Secure Trade Partnership and Secure Exports Schemes.

They can expect to enjoy reduced inspection or expedited clearance for the movement of goods between the two countries.

The bilateral agreement will further minimise duplication of compliance processes.

Singapore Customs is also in discussion with the US and Australia on similar mutual recognition arrangements.

- CNA/ir