New Coronavirus Causes Supply Difficulties for SME Parts... Customs Commissioner Announces "24-Hour Customs Clearance System"

Amid a sharp decline in cargo imports from China due to the recent novel coronavirus impact, on the 6th, the designated warehouse at Incheon Airport Customs in Yeongjongdo, Jung-gu, Incheon, showed a noticeably empty appearance, unlike the usual days when it was filled with cargo./Yeongjongdo=Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Moon Hyewon] Kim Ki-moon, Chairman of the Korea Federation of SMEs, stated on the 12th, "Due to the recent novel coronavirus (Wuhan pneumonia) outbreak, the suspension of operations at Chinese factories and difficulties in parts supply have become major issues. It is necessary to support the resolution of difficulties faced by SMEs by facilitating quick customs clearance for the discovery and import of alternative products."

On the same day, the Korea Federation of SMEs held a meeting with small and medium business owners invited by No Seok-hwan, Commissioner of the Korea Customs Service, at the boardroom of the Korea Federation of SMEs in Yeouido, Seoul.

At the meeting, to share the difficulties and suggestions related to customs administration that SMEs are experiencing amid the worsening economic situation due to the novel coronavirus, voices from the field were conveyed focusing on 19 pending issues across all areas of customs administration including FTA, customs clearance, and inspection.

The main suggestions included ▲ easing requirements for using bonded factories ▲ preventing low-price declarations of imported kimchi from China ▲ strengthening crackdowns on origin violations such as ceramic tiles ▲ expanding the dispatch of customs officers to support SMEs.

Chairman Kim said, "I hope efforts will be made to support SMEs through strategic customs diplomacy policies for overseas market expansion such as New Southern and New Northern markets. We will continue to communicate and cooperate with the Korea Customs Service going forward."

In response, Commissioner No said, "The Korea Customs Service is operating a 24-hour customs clearance system to prevent the business activities of our SMEs from shrinking due to the novel coronavirus, and is strengthening tax administration support such as deadline extensions and suspension of customs investigations. We will promptly provide customs clearance and logistics information in China and operate a novel coronavirus customs clearance support center at customs offices nationwide."

This content was produced with the assistance of AI translation services.