Singapore backs Revised Kyoto Convention to standardise int'l trades
It is the flagship convention on the Customs process and trade facilitation.
Singapore declared its support for the International Convention on the Simplification and Harmonisation of Customs Procedures or the Revised Kyoto Convention on 25 June 2022.
The Revised Kyoto Convention, the World Customs Organisation’s flagship convention on trade facilitation, aims to oversee global trade by imposing standards and recommended practices for “contracting parties on Customs procedures and techniques.”
“Singapore’s accession affirms our commitment to reinforce our position as a reputable major trading hub, and to maintain procedures and standards that facilitate international trade,” said Ho Chee Pong, head of Singapore Customs.
The revised convention also ensures Singapore’s customs procedures are following international standards, which will cut compliance costs for businesses and speed up the movement of goods across borders.
In addition, it ramps up confidence in foreign investments, which will benefit economic development.