Six Asean Nations Start Single Transit Regime for Goods Movement

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Six Southeast Asian nations including Vietnam, Thailand, Singapore and Malaysia have started a single cross-border transit regime for smoother movement of goods by land within the region. The system aims to bolster supply chain connectivity across the region, simplifying customs, saving time and reducing costs.

Other nations where Asean Customs Transit System will be implemented include Cambodia and Laos, according to a joint statement issued by the Singapore Customs and the Ministry of Trade and Industry on Nov. 2.

“Traders can carry out a single transit journey across participating Asean member state via a single truck, single customs declaration and single banker’s guarantee,” according to the statement.

©2020 Bloomberg L.P.

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