Upgraded Singapore, New Zealand Economic Partnership to Take Effect Jan. 1
An upgraded economic partnership between Singapore and New Zealand takes effect Jan. 1, changing rules-of-origin procedures, updating documentation for preferential tariff treatment and more, Singapore Customs said in a notice released Dec. 31. The updated agreement changes the requirement that…
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all manufactured goods have to contain at least 40 percent content originating from Singapore or New Zealand and introduces a new formula to determine whether a good qualifies as originating. And while companies can continue to “operate on a self-certification basis” to qualify for preferential tariffs, the agreement adds new entities that can issue certifications “attesting to the origin of the good besides the manufacturer,” Singapore said. The notice also contains a table describing each of the deal’s changes and which members of the supply chain they will impact.