UAE, S. Korea reach mutual recognition agreement of Authorised

The United Arab Emirates and South Korea have reached a mutual recognition agreement of the application of the Authorised Economic Operator, AEO.

The AEO program is a federal programme that connects the UAE with the rest of the world in terms of trade and customs. It recognizes traders as trusted operators and provides them with exclusive benefits.

Designed under the supervision of the Federal Customs Authority, the AEO program delivers a comprehensive set of benefits to certified partners, including faster clearance, preferential customs treatment and a dedicated Key Account Manager. The AEO programme is set to establish strategic partnerships with other AEO programmes around the world through mutual recognition agreements Operators could include manufacturers, importers, exporters, brokers, carriers, consolidators, intermediaries, ports, airports terminal operators, integrated operators, warehouses and distributors.

A guidebook on the application of the programme has been approved by the UAE and S. Korea during a visit by a delegation of the FCA to Seoul recently where the two sides agreed to meet once a year alternately, with the first meeting to be held in the UAE to discuss the impact of the application on both sides. They agreed also to hold meetings with representatives of the companies certified by the two countries.

The full application of the programme will enter into force across the nation by April 2017 following an experimental phase to be initiated by the FCA starting October.

"South Korea is a strategic partner for the UAE and a significant partner for the FCA, with non-oil trade between the two countries reaching AED106 billion during the period from 2014 through the end of 2016," said Commissioner Ali Bin Sobeih Al Kaabi, Chairman of the FCA.