Faster Customs Clearance for Singapore Exporters to Hong Kong
Singapore companies that have been certified by Singapore Customs can now enjoy faster customs clearance for the goods they export to Hong Kong.
Similarly, companies in Hong Kong which have been certified by the HK C&ED will have their exports cleared expeditiously when the goods arrive in Singapore.
This mutual recognition arrangement (MRA) to enhance supply chain security and facilitate trade between Singapore and Hong Kong was signed at the 123rd/124th World Customs Organisation Council Sessions in Brussels, Belgium, on 27 June 2014.
Singapore's Director-General of Customs Ho Chee Pong and Hong Kong's Commissioner of Customs and Excise Clement Cheung signed the arrangement.
The Hong Kong-Singapore MRA recognises the compatibility of the supply chain security measures implemented by companies certified under Singapore Customs' Secure Trade Partnership (STP) programme – specifically the STP-Plus companies – and Hong Kong's Authorised Economic Operator (AEO) programme.
"Hong Kong is an important trading partner to Singapore, and this arrangement will bring benefits to our bilateral trade," said Mr Ho. "This MRA also contributes to the growing network of MRAs to strengthen supply chain security globally and promote the facilitation of low risk cargos."
Mr Cheung said: "Singapore is one of the principal trading partners of Hong Kong. The facilitation measures under the MRA will assist local traders in accessing the Singapore market, through which Hong Kong branded products and services are promoted in Singapore while enhancing the favourable image of Hong Kong brands. These bring more business opportunities to the import/export and logistics industries."
COMPANIES WELCOME THE HONG KONG-SINGAPORE ARRANGEMENT
Companies in Singapore with significant trade with Hong Kong welcomed the signing of the MRA.
"As we export daily to our strategic customers in Hong Kong, this MRA would greatly benefit both our customers and Xilinx, especially in the event of a trade disruption," said Mr Eugene Khoo, Director of Logistics, Trade Compliance APAC & Inventory Control of Xilinx Asia Pacific Pte Ltd, a leading provider of All Programmable technologies and devices.
"Xilinx's shipments are time-sensitive and the ability to clear ahead of non-AEO companies would enhance Xilinx's customer service to our esteemed customers as well as assist our customers to better manage their manufacturing lead times under such circumstances," said Mr Khoo.