New Zealand Customs Minister Maurice Williamson said Monday that traders will benefit significantly from a new agreement between New Zealand and South Korea .

The signing of a mutual recognition agreement (MRA) between the countries customs services allowed New Zealand's secure export scheme (SES) members to receive the same treatment as the South Korea's authori z ed economic operator (AEO) members.

" New Zealand exporters who are SES members can expect to see their cargo processed more quickly by the Korean Customs Service. Similarly, New Zealand Customs will give equal recognition to cargo from Korean AEO members," Williamson said.

The agreement was signed at a World Customs Organi z ation council meeting in Brussels earlier this month and will come into operation on Jan. 1, 2012.

New Zealand Customs already signed such agreements with the United States and Japan .

Exporters belonging to the New Zealand Customs SES scheme benefited from more secure and more efficient international trade supply chains and SES cargo from New Zealand could receive "front- of-line" priority, said Williamson.

The MRA made an important contribution to strengthening trade ties with South Korea while the countries were negotiating a bilateral free trade agreement.

The MRA would also help New Zealand exporters by speeding up Custom clearance for SES cargo because of reduced inspection requirements and accelerating the resumption of processing for New Zealand cargoes in the event of disruptions.

The stronger relationship with Korea Customs would improve the ability of New Zealand Customs to resolve trade issues, said Williamson.

Last year, South Korea was New Zealand 's sixth largest export market with a value of 1.41 billion NZ dollars (1.13 billion U.S. dollars) and New Zealand 's eighth largest source of imports with a value of 1.38 billion NZ dollars.