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S. Korea, UAE Implement Customs Pact to Facilitate Trade

According to Yonhap News,

(SEJONG=Yonhap News) The customs pact between South Korea and the United Arab Emirate (UAE) has gone into effect, Seoul's customs office said Monday, thus facilitating bilateral trade between the two countries.

The Korea Customs Service (KCS) said the two nations' Authorized Economic Operator (AEO) deal and Mutual Recognition Arrangement (MRA) took effect earlier in the day.

Since December, 2015, the two trading partners have been in negotiations for the AEO and MRA.

The arrangements call for both sides to speedily clear products from the other country and give priority in customs processing, as well as setting up dedicated contact points to deal with complications in clearance.

The UAE is South Korea's second-largest export destination in the Middle East, with outbound shipments to the country reaching US$5.3 billion in 2017.

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Source Text

Source: Yonhap News (October 1, 2018)

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