HK Customs implements new arrangements with S Korean, mainland Customs

The Hong Kong-Korea Mutual Recognition Arrangement (MRA) on the Authorized Economic Operators (AEOs) will become operational with effect from Aug. 29, the Hong Kong Customs said Thursday.

Besides, the MRA between Chinese mainland and Hong Kong Customs, with road cargoes having been covered since May 18, will take effect from Sept. 1 for air and sea cargoes.

The Customs and Excise Department (C&ED) signed the MRAs with the General Administration of Customs of China and the Korea Customs Service in October 2013 and February 2014, respectively.

The MRAs are aimed at not only fostering closer cooperation between the C&ED and its counterparts in the mainland and in South Korea in promoting a secure and efficient flow of goods in the international supply chain, but also further strengthening the trade competitiveness of local companies in these two economies.

Under the MRAs, local companies accredited by the C&ED as AEOs can enjoy customs facilitation, such as reduced examination or prioritized clearance, for goods exported to the mainland and South Korea upon arrival.