S. Korea signs customs pacts with Peru, Uruguay
SEJONG-- South Korea has inked customs pacts with Peru and Uruguay that can facilitate trade with the South American countries, the government said Monday.
The Korea Customs Service (KCS) said the pacts were signed during a general meeting of the World Customs Organization (WCO) held in Brussels last week.
Since August 2015, South Korea has been negotiating with the two Latin American countries in regards to the Authorized Economic Operator (AEO) and Mutual Recognition Arrangement (MRA).
The arrangements call for both sides to speedily clear products made by authorized operators from the other country and give priority in customs processing, as well as setting up dedicated contact points to deal with complications in clearance.
The KCS said with the latest pacts, South Korea has such arrangements with 19 nations, the largest number among the world's trading nations. Seoul already has bilateral AEO MRA setups with the United States, China and Japan.
South Korean-made SUVs topped the Peruvian market, and key items, such as computers and machinery, are exported to the Latin American country.
Uruguay also imports autos and electronic goods from South Korea, according to the KCS.
The KCS said it will try to ink such pacts with Vietnam, Indonesia and other countries, which have higher non-tariff barriers.
Source: Yonhap News Agency