South Korea Customs Inspection Ratio Policy Revised
Ahead of the G20 Summit, the inspection rate for shipments will increase.
South Korea customs authorities have revised their inspection ratio policy for household goods (HHG) shipments ahead of a series of planned economic summits taking place in the coming months.
The meetings, which will take place over a period of three months, will involve high-level talks between global economic and political leaders. The first of such events is the G20 Deputies’ Meeting, which took place last weekend in Gwangju, on September 4 – 5. The next one to follow will be a meeting of finance ministers and Central Bank governors on October 22 – 23 in Gyeongju. The economic gathering will culminate in the G20 Summit, which will be held in Seoul on November 11 – 12.
As a security measure, customs authorities will gradually increase their inspection of HHG shipments during this period. The inspection ratio will increase from 15 percent in September to 18 percent in October and 20 percent by November, and customs officials aim to keep the inspection of goods by x-ray at 100 percent by the date of the summit. Additionally, authorities will require detailed information as to the purpose of the consignees’ visit to Korea, including their telephone number.
The G20, also known as the Group of 20, was formed in 1999 to promote cooperation between leading economies on issues pertaining to the international financial system. The agenda for this year’s summit, chaired by South Korea, will include discussions on financial markets and the world economy.
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