ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) Ulsan city became the first among local governments to support export-oriented SMEs to obtain AEO status.

The municipal government signed MOU with Korea Customs Service and Korea AEO Association at city hall on May 27.

An Authorized Economic Operator (AEO) refers to a party involved in the international movement of goods that has been approved by a national customs administration as complying with security standards and legislation, importers and exporters, carriers, warehouse and distributors, and consolidators.

Those authorized can benefit in terms of customs administration, such as exemption from corporation customs review and import and export inspection.

As they can also benefit from customs procedures in the countries of Mutual Recognition Arrangement (MRA), it helps reducing logistical cost and opening up new overseas markets.

Even if major trading partners have AEO system in effect, SMEs have difficulties in individually obtaining authorization due to cost, strict procedure, and lack of personnel.

With MOU, 3 SMEs in Ulsan became able to receive consulting expense, training, on-site inspection, and ad-hoc consultations from Ulsan city government, Korea Customs Service, and Korea AEO Association.

A city official said, "We will continue to discover programs to support export-oriented companies and put our utmost in implementing trade support policies."

canto@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (May 27, 2019)