SINGAPORE - Singapore companies 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 the exports of such companies will be recognised to be of lower risk by the HK C&ED.
This means quicker clearance when the goods arrive at Hong Kong's ports.
The move will allow companies to better plan their cargo movements, particularly for time-sensitive exports, and also enjoy savings in costs which would otherwise be incurred due to port delays, said Singapore Customs in a statement on June 27.
It added: "Companies in Hong Kong certified by HK C&ED will also have their exports cleared expeditiously when the goods arrive in Singapore."
The mutual recognition arrangement 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 June 27.