The World Customs Organisation (WCO) has reached an agreement with World Logistics Passport (WLP), a unique loyalty programme established to increase trading opportunities between emerging markets, for collaboration on the acceleration of adoption of AEO - Authorized Economic Operator.

 

A trusted business partner, AEO offers a number of benefits, including lower rate of physical inspections of imported/exported goods, faster release of shipments, preferential treatment by Customs Authorities, and deferred payment of duties, to the companies that meet compliance criteria and demonstrate the security of supply chain.

 

The agreement was sealed by WLP and the World Customs Organization (WCO) at a meeting in Davos during the annual summit of the World Economic Forum (WEF). 

 

The two parties have agreed to continue their active cooperation to work towards the acceleration of AEO adoption, stated Sultan Ahmed Bin Sulayem, Chairman of Dubai Ports, Customs and Freezone Corporation (PCFC), which owns and runs the WLP program globally, after his meeting with Dr Kunio Mikuriya, the Secretary General of WCO.

 

The last few years have been a tumultuous time for global trade. The Covid-19 pandemic tested the capabilities of existing trade infrastructure as the world grappled with an unprecedented health and economic crisis, said a statement from WLP. 

 

A global, private sector-led, initiative, WLP is designed to facilitate global trade. Faced with severely disrupted international trade, the WLP helps its members maintain resilient trade flows and nurtures new global trade relations.

 

Global supply chain disruptions are slowing down economic output in key important-dependent industrial sectors of the economy, negatively affecting the post-pandemic economic recovery. 

 

The WCO has expressed its support of initiatives like this, that aim to secure and facilitate global supply chains, and it appreciates the efforts of the WLP.

 

The WCO will be hosted by WLP at the upcoming 2022 WLP Global Summit, which will convene global leaders from business, government, and international organizations to share perspectives on the key trends shaping the freight and logistics industry, as well as take stock of the WLP's achievements to date.-TradeArabia News Service