Panaji: India and South Korea on Thursday signed an Authorized Economic Operator Mutual Recognition Agreement (AEO-MRA) to develop trade between two countries.
The deal was signed on the sidelines of the 11th Asia Europe meeting of Directors General-Commissioners of Customs. The agreement signed between the Indian and South Korean Customs Commissioners culminates more than two-and-a-half years of negotiations over the agreement.
It extends benefits to trade on reciprocal basis said Najeeb Shah, chairman of the Central Board of Excise and Customs.It is a key element to strengthen and maintain security of international supply chains and serves as a useful tool to avoid duplication of security and compliance controls.
“I do believe that the signing of the MRA should boost bilateral trade between our two countries and will usher in new dimensions of bilateral relations between both the countries,” Shah added.The MRA will ensure that Indian AEO exporters, who enter Korea, will be given extensive benefits in terms of speedy clearance lesser examination and checks.
“We hope that this will enhance trade between the two countries and be mutually beneficial to both the countries,” Shah added.The two-day 11th Asia Europe meeting of Directors General-Commissioners of Customs meeting will conclude on Friday with a declaration.