Six ASEAN Members Adopt Unified Cross-Border Transit System

0
474

Six ASEAN states have adopted a unified cross border transit system designed to streamline the inter member movement of goods by road, an initiative intended to boost regional trade and deliver both time and cost savings. Billed as the ASEAN Customs Transit System (ACTS), the signatories to the agreement are Cambodia, Laos, Malaysia, Singapore, Thailand and Vietnam.

Also Read  Dubai's China-Backed Yiwu Market For Traders Opens On 28 June

Essentially, the system allows a business to dispatch goods on a single transit journey across participating ASEAN member states using a single truck, a single customs declaration and a single banker’s guarantee. In addition, an automated customs transit management system enables the relevant customs administrations to track the progress of all goods. In terms of eligibility, importers, exporters, customs agents and other trade stakeholders can all register to use the system.

Also Read  Dubai's China-Backed Yiwu Market For Traders Opens On 28 June

All movement of goods, however, remains subject to the existing pandemic?related border restrictions in place across the various jurisdictions.

Also Read  Dubai's China-Backed Yiwu Market For Traders Opens On 28 June

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.