Media ININ Economy We Trust
MEDIA, Abu Dhabi, October 3, 2018 (WAM)
The mutual recognition agreement between the United Arab Emirates and the Republic of South Korea entered into force on October 1. The number of companies benefiting from the application of the Convention and the program is about 320 companies so far, including 40 companies in the UAE and the rest in South Korea and targeting the Federal Customs Authority and local customs departments to double the number of UAE companies benefiting from the program during the coming period. The non-oil trade volume of the UAE’s “direct trade and free zone trade” with South Korea stood at 34.8 billion dirhams in 2017 and 10.5 billion dirhams in the first half of this year. The agreement aims to enhance the competitive advantage of the national economy and contribute to building a stimulating business environment and maximizing the value added of the country’s national and national products through exchanging experiences and information on customs consignments and customs and commercial incentives and incentives for the private sector, said Ali bin Sabih al-Kaabi, customs commissioner. Enhances the process of improving customs risk management by the State and its trading partners. He pointed out that the implementation of the pilot phase of the mutual recognition agreement of the economic operator program adopted between the UAE and South Korea has contributed to reducing the period of customs clearance of the approved corporate consignments by 98% and has contributed to the reduction of the number of consignments being inspected by a large percentage due to the companies’ compliance with the standards applied in the program and exchange Information on the missions between the two parties, which contributes to facilitating trade movement, reducing operational costs and supporting customs risk management. He said that the approved economic driver program is a means to encourage voluntary compliance with customs regulations and regulations. It targets international supply chain suppliers such as importers, exporters, shipping agencies, transport, manufacturers, customs agents, ports and airports where they are required not to exceed the official regulations issued by the Federal Customs Authority and local customs departments in exchange for customs clearance Such as the possibility of completing the clearance procedures prior to arrival of the shipment and qualifying them for entry into the mutual recognition lists of the applicable economic operator program Z Several Member States of the World Customs Organization.
