Saudi and Bahraini customs sign mutual recognition agreement of Authorized Economic Operator Program

NaseerNaseer    28 February 2020
Saudi and Bahraini customs sign mutual recognition agreement of Authorized Economic Operator Program

The Saudi Customs and the Customs of Bahrain signed an agreement of mutual recognition of Authorized Economic Operator Program (AEO) , which aims to enhance the security of the supply chain and enhance the advantages of trade facilitation offered by the AEO for the facilities approved in the program. The agreement includes exchanging the concessions provided to the economic operators accredited in the customs of the two countries, and seeking to find measures to facilitate trade for the economic operators in terms of speeding up the process of clearing goods, in cooperation with the relevant government agencies.

In addition, the agreement would provide several benefits to companies accredited to the program, and would also contribute to enhancing international trade facilitation through more flexible customs operations and greater predictability of the security and safety of the international supply chain.

Also, mutual recognition agreements come as an important means for countries to work together formally to obtain significant benefits for the private sector and customs departments alike, as the commercial establishment accredited in the economic operator program in one of the two countries obtains advantages similar to those obtained by the commercial establishment in the partner country.  

Source:  http://saudigazette.com.sa/article/586234



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