The Government has proposed amending the Import & Export (Registration) Regulations to implement a $200 cap on import and export declaration charges.

The initiative was announced in the 2018-19 Budget and seeks to develop Hong Kong into a trading, storage, logistics and distribution hub for high-value goods.

Secretary for Commerce & Economic Development Edward Yau said the amendment will lower the cost of importing and exporting high-value goods to and from Hong Kong, bringing direct benefit to the local trading and logistics industry.

"The proposed cap is expected to save the trade about $458 million a year and benefit about 900,000 cases involving goods at a value above $1.644 million, further strengthening Hong Kong's position as a trading hub."

The amendment, as set out in the Import & Export (Registration) (Amendment) Regulation 2018, will be tabled at the Legislative Council on June 20.

It will come into effect on August 1 if it is passed within the current legislative session.