INDUSTRY AND TRADE
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The department also issued Commonwealth Preference certifi- cates and forms E120 to enable Hong Kong products to claim preferential rates of duty on entry into the United Kingdom and those Commonwealth territories which grant preference to Hong Kong. Commonwealth Preference certificates indicate the Common- wealth content in the goods covered and are issued against cost or stock statements prepared by public accountants approved for the purpose. For exports to the United Kingdom claiming pref- erence, approved public accountants prepare forms E120 based on cost or stock statements submitted direct to HM Customs and Excise, London. The forms must be presented to the department for countersigning before they become acceptable to the United Kingdom Customs authorities.
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The co-operation and liaison established with overseas customs authorities continued during 1962 and proved to be beneficial to both the promotion and control of exports under certificates of origin of all types. During the year exports of goods certified by the Commerce and Industry Department to be of Hong Kong origin were valued at $2,225.3 million. Exports to Commonwealth territories, including Britain, covered by Commonwealth Preference certificates were valued at $882.87 million.
The Foreign Assets Control Regulations of the United States Treasury Department prohibit the importation from Hong Kong of a wide range of goods which are presumed by American law to originate in the Chinese People's Republic or in North Korea, unless evidence is produced to the contrary. The department in- troduced a number of new or amended procedures to produce this evidence in 1962. During the year, presumptive goods valued at $498.13 million were exported to the United States and its depend- encies under comprehensive certificates of origin issued solely for this purpose.
THE PREVENTIVE SERVICE
The preventive service is the uniformed and disciplined branch of the Commerce and Industry Department, with powers similar to those normally exercised by a customs and excise service for the protection of revenue from dutiable commodities. There are five dutiable commodities in Hong Kong (see chapter 4). The