LONDON: A deal was signed between Singapore Customs and its counterparts and US Customs and Border Protection (CBP) in which both agreed to improvise security standards of Trade Securing Partnership Program.
Firms here exporting goods to the United States will now enjoy faster Customs clearance at US checkpoints, under a new bilateral security deal.
They agreed that firms meeting security standards under the Singapore Customs’ Secure Trade Partnership program – a growing list that now numbers 130 – will have their exports recognized by the CBP as being of lower risk.
This means faster Customs clearance for exports to the US, so firms here can better plan cargo movements and reap savings from fewer port delays. Similarly, 10,000 approved US-based firms will have their exports cleared expeditiously upon arrival in Singapore. For consumers, this means smoother goods flow at times of high alert or disruption.
The deal was inked by Singapore’s director-general of Customs Ho Chee Pong and US CBP commissioner Richard Kerlilowske here yesterday.
This is Singapore Customs’ seventh deal of this type after arrangements with Canada, mainland China, Hong Kong, Japan, South Korea and Taiwan.
The US and Singapore also signed a second agreement that allows them to exchange information and share best practices in the prevention and investigation of Customs offences.
Mr. Ho said the agreement strengthens cooperation between the two bodies to combat cross-border Customs fraud and smuggling.
“Such cooperation will contribute to the integrity of the trading system, and enhances Singapore’s reputation as a trusted trade hub.”
The US was Singapore’s fourth-largest trading partner last year, with two-way trade topping $77 billion. Top products traded included petroleum oil products, aviation components, electronic integrated circuits and parts for printing machinery.
“As a US-based company, this milestone is important as it enhances the capability of our Singapore plant,” said Ms Suhana Mohd Ali- Ten, senior manager of supply chain at Advanced Micro Devices. “These capabilities will in turn benefit AMD’s customers,” she added.