ASEAN Free Trade Agreement – Import duty rate reductions
To our Valued Customers,
Many BRi clients would be aware of the ASEAN Free Trade Agreement (FTA) which has been in place for some years now. Whilst the majority of commodities imported into Australia under the ASEAN FTA, with an acceptable certificate of origin, have already been receiving duty free import benefits, some articles of furniture, clothing and other textile products have still incurred duty. This will change on January 1, 2020 when all remaining tariffs will be eliminated under the ASEAN FTA.
In some cases, it may be beneficial to delay customs clearance on shipments which may be affected by the duty rate reduction. In order to take advantage, it is important to be aware that the date an Import declaration is lodged will determine the day on which duty is calculated. BRi’s Customs team will therefore monitor all shipments subject to the ASEAN FTA from mid-December and liaise with customers where it may be beneficial to hold clearances until January 1st.
Should you have any queries in relation to this matter, please feel free to contact the BRi Customs department.
Keeping you updated,
BRi Customs Team
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