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Taiwan Customs Administration and Singapore Customs promote the operation of the Mutual Recognition Arrangement (MRA) on AEO

2013-11-27 12:03:17  

Customs Administration, Ministry of Finance - Sep, 04, 2013

The Mutual Recognition Arrangement between Taiwan Authorized Economic Operator (hereinafter referred to as AEO) Program and Singapore Secure Trade Partnership (hereinafter referred to as STP) Program was signed by both Customs Administrations at the end of July 2013. This Arrangment will effectively enhance trade security and facilitation for both sides, and thus promote bilateral trade.

Taiwan Customs Administration pointed out that since Taiwan AEOs and Singapore STP partners will be able to enjoy preferential treatments through the MRA, such as much lower cargo examination rates and expedited clearance procedures, this Arrangement will have a far-reaching impact on the bilateral trade and, in turn, uplift the international competitiveness of traders in the respective countries.

To ensure that the operation of Arrangement will be smooth, there will be a MRA Pilot Test focused on certain Taiwan AEOs and Singapore STP partners, which is expected to launch in October 2013. After the two Customs Administrations conclude that the MRA Pilot Test succeed and fine tune the procedures, the operation of the MRA will be expanded to cover all Taiwan AEOs and Singapore STP partners.

Taiwan Customs has implemented its AEO program since the end of 2009, and there have been 588 AEOs so far, including 363 general AEOs and 225 Safety and Security AEOs. In view of the fact that Singapore is Taiwan’s fourth largest trading partner and Taiwan is Singapore’s ninth largest trading partner, as the trade volume between the two sides in 2012 amounted to US$28.2 billion, signing the MRA is a win-win result for both countries’ economic development.

Following the MRA signed with the U.S. Customs and Border Protection (CBP) in November, 2012, the above-mentioned MRA is the second of its kind between Taiwan Customs and another customs administration. It is expected that a couple of AEO MRAs will be signed between Taiwan and other countries in the near future, which can effectively bolster Taiwan’s competitive edge in the international economic and trade community. For further information, please contact: +886-2-25505500 begin_of_the_skype_highlighting +886-2-25505500 FREE  end_of_the_skype_highlighting ext. 2538.