Thailand's Singapore-bound exports will likewise go through the faster process.
Singapore and Thailand signed a Mutual Recognition Arrangement (MRA) to speed up the clearance of goods from companies certified by the Singapore customs to have robust security practices, an announcement revealed.
The said deal is the MRA of Authorised Economic Operator (AEO) programmes between two ASEAN countries. Signed as an initiative under the Singapore-Thailand Enhanced Economic Relations programme (STEER), the MRA is set to deepen economic collaboration and facilitate bilateral trade growth between Singapore and Thailand.
“The MRA also reaffirms our collective commitment to the ASEAN Economic Community Blueprint 2025, particularly in the area of trade facilitation, which is an important engine of growth and development,” Singapore Customs director-general Ho Chee Pong said.
Under the MRA, companies certified by the Customs Department of Thailand that have exports bound for Singapore will likewise benefit from the reduced documentary and cargo inspection.
“We can target high-risk shipments more effectively and expedite customs procedures for low-risk shipments, thus benefiting our traders and significantly contributing to trade facilitation,” Thailand customs department Kulit Sombatsiri commented.
In 2017, Thailand was Singapore’s third largest trading partner in the ASEAN with a total trade that reached more than US$30b ($40.96b).
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