Asean Finance Ministers Sign New Agreement On Customs

KUALA LUMPUR, March 31 (Bernama) -- Asean Finance Ministers Friday signed a new agreement on customs, which promotes seamless processing among their customs authorities to facilitate a free flow of goods and commodities across the grouping borders. The agreement superseded the existing customs agreement that was signed in 1997 and served as a revision to accommodate changes and amendments of customs practices and procedures to conform with current global customs procedures, Finance Minister II Datuk Seri Ahmad Husni Hanadzlah said. In a statement here Friday, the minister said the agreement also took into account Asean's greater integration into the international supply chain as well as addressing challenges in the security requirements of member countries. "This new agreement will directly support the establishment of the Asean Economic Community in 2015. It will also further enhance Malaysia’s important position in the regional and global supply chain,” he said. In addition, the agreement would incorporate electronic processing of information and timely clearance of shipments and cargo and its physical release. Apart from that, the agreement would also incorporate the interoperability and interconnectivity of customs systems across the Asean region and also included a number of safeguards to ensure the integrity of Asean’s customs’ revenue. -- BERNAMA