S. Korea, EU customs authorities agree to enhance cooperation

SEOUL, Dec. 11 (Yonhap) -- South Korea and the European Union have agreed to step
up cooperation in customs-related measures in a move that is expected to further
increase bilateral trade, customs officials said Friday.
According to the Korea Customs Service (KCS), the agreement was made in a meeting
held in Brussels on Thursday where high-ranking officials from the two sides
discussed issues of mutual concern in relation to customs policies. The meeting
was the seventh of its kind.
During the meeting on Thursday, South Korea explained its Authorized Economic
Operator (AEO) system, which is designed to expedite the customs-clearing process
for companies that satisfy the government's safety standards. Both sides
discussed ways to mutually recognize such benefit for exporters, the KCS said.
The EU is South Korea's second-largest trading partner and its No. 1 investor.
Bilateral trade is expected to expand further as the two initialed a free trade
deal in October.
kokobj@yna.co.kr
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