Wed 03-10-2018 22:40 PM
ABU DHABI, 3rd October, 2018 (WAM) — The Authorised Economic Operator (AEO) Agreement and Mutual Recognition Arrangement (MRA) between the UAE and South Korea went into effect on October 1st, to ease their bilateral trade relations.
The two countries have entered talks in December 2015 to reach the customs pact before it has been finally secured.
Under the deal, the two sides are entitled to rapidly clear goods from each other and set the high priority in customs processing, along with forming contact points to handle challenges with an authorisation.
A total of 32 firms have been declared beneficiaries from the arrangement, 40 of which are based in the UAE and the rest in S. Korea.
The UAE Federal Customs Authority (FCA) along with other local customs departments are planning to double the number of Emirati beneficiaries from the programme over the coming period, and work is under way to reach similar arrangements with other key partners, including India and China.
According to the FCA statistics, the non-oil trade between the two countries, including direct and free-zone trade, amounted to AED34.8 billion in 2017 and AED10.5 billion during H1 this year.
WAM/Hatem Mohamed/Hassan Bashir