S Korea, Asean agree on greater customs cooperation
South Korea and Asean have agreed to expand customs-related cooperation to increase trade, the Korean government said yesterday.
The Korea Customs Service (KCS) said the understanding was reached at the 11th annual meeting of customs chiefs from South Korea and Asean in Brunei on Thursday.
The 10-member Asean economic bloc represents the second-largest export market for Korean-made goods after China, but companies taking full advantage of the free-trade agreement reached in 2005 stood at just 37 per cent as of 2014.
In the first four months of 2015, exports to Asean reached US$38.55 billion (Bt1.285 trillion). In the same period, shipments to China stood at $45.66 billion, while numbers for the United States hit $23.58 billion.
At the gathering, the trading partners agreed to work closely to follow through on the Agreement of Trade Facilitation reached by the World Trade Organisation in November and pledged to push forward the signing of an authorised economic operator system and mutual recognition arrangement, the KCS said.
Both systems are designed to give preferential clearance to products made by companies that have a track record for transparent customs reporting.
The KCS also said it planned to offer assistance to Asean countries to train customs officials better.
