The Hong Kong-Korea Mutual Recognition Arrangement on the Authorised Economic Operators will become operational from tomorrow, while the recognition arrangement with the Mainland will take effect from September 1 for air and sea cargo.
The Customs & Excise Department respectively signed the deals in February and October, to foster closer co-operation with its counterparts in those jurisdictions and strengthen trade.
Local companies accredited by the department as Authorised Economic Operators can enjoy customs facilitation, such as reduced examination or prioritised clearance, for goods exported to the Mainland and Korea. Similarly, companies certified by the Mainland and Korea will have their exported goods cleared expeditiously in Hong Kong.
The measures will enable local companies to tap into the Mainland and Korean markets, bringing more business opportunities to the import-export and logistics industries, thereby sustaining Hong Kong's long-term economic development, the department added.
