Customs of Singapore and Japan sign deal on supply chain security

This is good news for Singapore’s certified companies as they would be recognised by Japan Customs to be of lower risk, resulting to expedited release of their goods.

Mr Fong Yong Kian, Singapore Customs Director-General, signed the Mutual Recognition Arrangement with Mr Atsuo Shibota, Director-General of Japan’s Customs and Tariff Bureau, at the 117th/118th WCO Council Sessions held from 23 to 25 June 2011 in Brussels.

The purpose of MRAs is to facilitate and secure Singapore’s trade flows with its trading partners, by mutually recognising companies which have been accorded Authorised Economic Operator (AEO) status by their respective Customs Administrations.

Japan is Singapore’s sixth largest trading partner with a trade volume exceeding S$55.5 billion in 2010. Top exports to Japan include electronic chips and optical media. Top imports from Japan include electronic integrated circuits and semi-manufactured gold.

MRAs could also help to facilitate continuous secure trade flows in situations of high alert or when international trade is disrupted.