SINGAPORE - Singapore Customs and the Customs and Excise Department of the Hong Kong Special Administrative Region of the People's Republic of China (HK C&ED) have agreed that the exports of such companies will be recognised to be of lower risk by the HK C&ED.
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Here is the media statement from Singapore Customs:
Faster customs clearance for certified Singapore companies exporting goods 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.
Singapore Customs and the Customs and Excise Department of the Hong Kong Special Administrative Region of the People's Republic of China (HK C&ED) have agreed that such companies will have their exports recognised by the HK C&ED to be of lower risk, leading to quicker clearance when the goods arrive at Hong Kong's ports. These companies can therefore better plan their cargo movements, particularly for timesensitive exports, and enjoy savings in costs which would otherwise be incurred due to port delays.
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 (WCO) Council Sessions in Brussels, Belgium, on 27 Jun 2014. Singapore's Director-General of Customs Mr Ho Chee Pong and Hong Kong's Commissioner of Customs and Excise Mr 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.
Singapore first signed MRAs, with Canada and the Republic of Korea, in 2010. This MRA with Hong Kong is its sixth.
Hong Kong was Singapore's fifth largest trading partner in 2013, with a trade volume amounting to S$61 billion. Singapore's main exports to Hong Kong include electronic integrated circuits and microassemblies, petroleum oils, as well as ship and aircraft stores, while its main imports from Hong Kong include jewellery and precious metals, telephones for cellular and wireless networks, and diamonds.
"Hong Kong is an important trading partner to Singapore, and this arrangement will bring benefits to our bilateral trade," said Mr Ho. "The close cooperation and open communication between our two customs administrations not only resulted in a smooth negotiation process, but also strengthened our ties. We are very pleased to have concluded this important milestone."
"This MRA also contributes to the growing network of MRAs to strengthen supply chain security globally and promote the facilitation of low risk cargos," added Mr Ho.
"This is the fourth MRA that we have concluded with other customs administrations, after the Mainland, Korea and India," said Mr Cheung. "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."