S. Korea eyes customs-biz partnerships

SEOUL, Nov. 25 (Yonhap) -- South Korea is seeking to forge new
"customs-to-business" partnerships with the aim of lowering transportation costs
and bolstering trade, government officials said Wednesday.
In a policy meeting, officials from the Ministry of Strategy and Finance and
other economic ministries stressed the importance of exploring ways to have
Seoul-accredited authorized economic operators (AEO) recognized abroad.
An initiative of the Brussels-based World Customs Organization, the AEO system
was designed to better meet growing security challenges and facilitate global
trade.
The system allows products made or handled by accredited operators to pass
through customs checkpoints with fewer or no inspections. This gives companies
the benefit of faster export and import processing, and allows customs offices to
concentrate on shipments from lesser-known businesses.
"Policymakers are examining ways to get foreign countries to recognize AEOs
accredited by Seoul so they can benefit from eased customs inspections," an
official at the meeting said.
At present, South Korea has designated nine AEOs including leading companies such
as Samsung Electronics and Kolon Chemical.
He said the government plans to seek mutual AEO pacts with the United States,
China, Japan and the European Union -- South Korea's largest trading partners.
Economic policymakers also said South Korea should look into setting up a
commodities exchange for trading raw materials and precious metals like gold. The
market, if set up, would benchmark the Chicago Mercantile Exchange.
yonngong@yna.co.kr
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