UAE and Kuwait sign agreement to establish virtual trade corridor
Senior officials at the MoU signing ceremony in Kuwait.
AD Ports Group announced on Sunday the signing of a Memorandum of Understanding with the General Administration of Kuwait Customs to establish a new virtual trade corridor between the United Arab Emirates and Kuwait, under the supervision of the Department of Economic Development – Abu Abu Dhabi (ADDED) .
The signing took place in Kuwait following a visit by the DED Logistics Committee, under the auspices of Abdulwahab Al-Rushaid, Minister of Finance and Minister of State for Economic Affairs and Investments – Kuwait and in the presence of the Dr. Matar Hamed Al Neyadi, Ambassador of the United Arab Emirates to Kuwait, and was signed by Captain Mohamed Juma Al Shamisi, Managing Director and CEO of AD Ports Group, and Suleiman AbdulAziz Al-Fahd, Director General Administration of Customs – Kuwait.
The MoU builds on existing cooperation between the UAE and Kuwait. Under its terms, Maqta Gateway, the digital arm of AD Ports Group, will develop the new virtual trade corridor based on its Advanced Trade and Logistics Platform (ATLP), under the supervision of the Abu Dhabi Department of Economic Development, establishing new policies, procedures and system integrations to support a virtual trade corridor that will further simplify and facilitate cross-border trade.
With the establishment of the new virtual trade corridor and the implementation of integrated solutions, customs authorities of both countries will be able to access pre-arrival information for international cargo movements, which will significantly speed up cross-validation of information. and promote the pre-clearance of goods.
The MoU will also provide expedited procedures to expedite shipments of perishable goods, thereby reducing waiting time at borders.
Digital integration also has significant safety and security benefits, improving visibility for authorities on possible risks associated with goods moving between the two countries, while reducing the rate of inspection and simplifying procedures. procedures for license holders.
Dr. Matar Hamed Al Neyadi, UAE Ambassador to Kuwait, said: “The UAE and Kuwait have a vast opportunity for cooperation as they both have exceptionally promising markets. We are confident that the cooperation between AD Ports Group and Kuwait General Administration of Customs to establish the first virtual trade corridor between the UAE and Kuwait will enhance trade between the two countries and support their efforts to achieve the goals. of digital transformation. , streamline shipping procedures to reduce transport and shipping costs, as well as expand economic cooperation, facilitate the development of supply chains and encourage business investment, relying on the best digital solutions and logistics services provided by the Virtual Trade Corridor.
Rashid Abdul Karim Al Balooshi, Undersecretary of the Abu Dhabi Department of Economic Development, Chairman of the Higher Logistics Development Committee, said, “This MoU paves the way for deeper cooperation with our business partners. By establishing this virtual trade corridor, we will generate a positive impact on the economies of the United Arab Emirates and Kuwait and support the broader efforts of our wise leadership to promote trade and brotherly ties between our nations, making Abu Dhabi a leading shopping and logistics center in the region. .”
Suleiman AbdulAziz Al-Fahd, Director General Administration of Customs – Kuwait, said: “We are pleased to sign the MoU with AD Ports Group, which is part of our strategic plan to develop the capacities of the customs ecosystem in Kuwait. with the aim of facilitating business, reducing manual reviews for the completion of administrative and customs procedures, and facilitating the commercial community of the two countries through an agreement that enjoys the advantages of the Global Logistics Passport. “The signing of this agreement is the result of cooperative efforts and mutual visits between the logistics committees of the two countries, hoping that it will provide high-level facilities for both customs authorities and trade partners.” Dr. Noura Al Dhaheri, CEO of Maqta Gateway, Head of Digital Cluster, AD Ports Group, said, “Building on the long-standing bilateral trade ties between Kuwait and the UAE, the virtual trade corridor recently announced aims to achieve a host of improved policies, procedures and system integrations that will expedite the cross-border movement of traded goods between the two countries.
“Since its inception, Maqta Gateway has been committed to advancing the digitalization of the region’s commercial, logistics and industrial landscape through the implementation of innovative, industry-transforming solutions.
“By digitizing the clearance and delivery of shipments through this virtual trade corridor, we will be able to deliver real benefits to importers and exporters in Kuwait and the UAE, while simultaneously improving security and reaching new levels. efficiency.”