Panaji: India and South Korea on Thursday inked an Authorised Economic Operator Mutual Recognition Agreement (AEO-MRA).
The deal was signed on the sidelines of the 11th Asia Europe meeting of Directors General-Commissioners of Customs currently underway.
The agreement signed between the Indian and South Korean Customs Commissioners culminates more than two-and-a-half years of negotiations over the agreement.
"MRAs recognise the AEO programme of each other's customs administrations and 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.
Thus, it is extremely important that customs administrations do get into such agreements, he added. "I am happy to note that finally the constructive engagement of both the countries is leading to the conclusion and we announce signing the MRA.
"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.
Similarly, a party which is recognised by the Korean customs administration as being compliant will be extended benefits in India.
"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.
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