In a recent advisory, Singapore Customs announced the release on its website of a new handbook on specific rules of origin (ROOs) as they apply to various free trade agreements (FTAs) to which the city state is a signatory.
The notice dated November 6, 2015 advises manufacturers and traders that transact with the agency to refer to the newly launched guide “Rules of Origin for Preferential Certificates of Origin” to help them understand the ROOs of various FTAs to which Singapore is a member.
“As a registered manufacturer with Singapore Customs, you are required to ensure that there is a valid ‘Verification of Cost Statement’ letter or ‘Letter of Acknowledgement’ letter for the product before you submit an application through TradeNet® to apply for a Certificate of Origin (CO),” the advisory, issued by Goh Yeow Meng, head of the Tariffs and Trade Services Branch of Singapore Customs, stated.
“Registered manufacturers are required to closely monitor the validity of their cost statements and to renew them with Singapore Customs before their expiry,” it continued.
Photo: Swiss Made Heuer Carrera