UAE & Kuwait to establish ‘virtual trade corridor’ to simplify procedures

By Shilpa Annie Joseph, Desk Reporter
  • Follow author on
Officials
Officials from AD Ports Group and Kuwait General Administration of Customs signing the MoU

The Abu Dhabi Ports (AD Ports) Group, the region’s leading logistics, industry, and trade facilitator, has signed a Memorandum of Understand (MoU) with the Kuwait General Administration of Customs to establish a new virtual trade corridor between the countries.

As part of the agreement, AD Ports Group’s digital arm Maqta Gateway will develop the corridor under the supervision of the Department of Economic Development — Abu Dhabi (ADDED) to further simplify and facilitate cross-border trade.

With the establishment of the new virtual trade corridor and implementation of integrated solutions, customs authorities in UAE and Kuwait will be able to access pre-arrival information for international cargo movements, making cross-validation of information significantly faster and promoting pre-clearance of goods.

Furthermore, the MoU will provide for accelerated procedures for expediting shipments of perishable goods, reducing border stay time, according to the statement.

Matar Hamed Al Neyadi
Dr. Matar Hamed Al Neyadi
UAE Ambassador
Kuwait

“The UAE and Kuwait have a vast cooperation opportunity 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 exchange between the two countries, and will support their efforts in achieving digital transformation goals, streamlining shipping procedures to reduce transportation and shipping costs, as well as expanding economic cooperation, facilitating the development of the supply chains, and encouraging business investment, by building on the best digital solutions and logistics services provided by the virtual trade corridor.”

Dr. Noura Al Dhaheri, CEO of Maqta Gateway, Head of the Digital Cluster, AD Ports Group, commented that “the newly announced virtual trade corridor aims to realize a host of enhanced policies, procedures, and system integrations that will accelerate cross-border movements of goods traded between the two countries.

“This MoU sets the stage for deeper cooperation with our trade partners. By establishing this virtual trade corridor, we will generate a positive impact on the UAE and Kuwaiti economies and support the wider efforts of our wise leadership to promote trade and fraternal bonds between our nations, establishing Abu Dhabi as a leading trade and logistics hub in the region,” said Mr. Rashid Abdul Karim Al Balooshi, ADDED Under-Secretary and Chairman of the Higher Committee of Logistics Development.

Related: UAE’s ECI ties up with its Dutch counterpart to boost bilateral trade


YOU MAY LIKE