The World Customs Organization (WCO) has approved Dubai Customs' initiative to launch an international platform for best practices and mutual recognition arrangements for Authorized Economic Operators (AEOs) among AEO members.
The AEO program is a partnership between the trade community and customs administrations, whereby actors in the global supply chain can apply for AEO status to receive trade facilitation benefits while verifying and increasing their level of compliance and security.
The WCO endorsed Dubai Customs’ initiative at the latest SAFE sessions in Brussels last October. Dubai Customs was selected to develop the AEO platform due to its world-class status in customs innovation and adoption of advanced artificial intelligence technologies.
“We are proud to be selected to develop and promote a global AEO platform that represents the future of global trade,” said Ahmed Mahboob Musabih, Director General of Dubai Customs, adding: “Our development plan will be in line with our AEO 2.0 strategy and in fulfilment of the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to foster Dubai's position as a global hub for trade and tourism. «.
Musabih stated that Dubai Customs has played a pivotal role in the activation and implementation of the AEO in the UAE under the auspices of the UAE Federal Customs Authority. There are 70 companies registered in the program now.
Recent figures released by Dubai Customs showed that 5.6 million customs transactions were completed through the AEO in 2019, about 43 percent of the total of 13 million.
Member companies achieved a 36 percent reduction in operating costs and 53 percent faster customs clearance.
The WCO also agreed to the request of Dubai Customs and the Federal Customs Authority to reschedule the 5th WCO World Conference from 15 February 2021 to 17 February 2021 in Dubai.The new date will be in conjunction with Expo 2020, making it a better opportunity for all parties to exchange experience and best practices in trade, economy, culture and innovation.
Eman Badr Al Suwaidy, Director of the Customs Valuation Department, which is in charge of the AEO programme, said that it is a WCO requirement to facilitate trade, and that cooperation between customs administrations and the private sector is very important.
Source: Emirates Agency News
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