TTRS promises savings for traders
TRADERS will save up to $50 million in licence application fees when the Textiles Trader Registration Scheme (TTRS) becomes operational on July 1.
According to the deputy director-general of trade Kevin C.M. Ho, the new scheme will also save time and release more staff to concentrate on trade control.
''At present, our staff spend a lot of time processing the current application for licences,'' he said.
''This new scheme will also make it easier for us to detect any fraud as we will have more information.'' TTRS is a registration and notification system whereby textiles importers, exporters, manufacturers, carriers or forwarders may apply to be registered as ''textiles traders.'' The scheme, which has a registration fee of $2,000, will cover all textile imports, re-exports and domestic textiles to non-restrained markets Under the new scheme, traders need not apply for licences for any textile consignment covered under the scheme and as such, stand to save 1.5 million hours spent applying for licences, according to Mr Ho.
''The gain in efficiency will ultimately help enhance the competitive edge of our trade vis-a-vis our competitors,'' he said.
He also said that the Transshipment Cargo Exemption Scheme would no longer apply to textile goods from July 1.
''With the changing trading pattern in textile products and in order to protect our good reputation and the integrity of Hongkong's control regime, we have decided that the Transshipment Cargo exemption Scheme will no longer apply to textile goods,'' he said.