Figures released by Dubai Customs showed that customs transactions done through the Authorized Economic Operator (AEO) reached 4.4m constituting 61% of the total number of transactions (7.2m) in H1, 2020.
The leading program has played an important role during the pandemic in facilitating external trade. Companies, members of the program, boosted their business activity, especially in importing foodstuff and medical supplies, motivated by a number of facilities and stimulus packages. This has achieved more balance between supply and demand in the local market for these essential commodities.
Recently, Dubai Customs has launched an international platform for the best practices and AEO mutual recognition agreements, and it will lead the exchange of secure data between the World Customs Organization (WCO) and member customs departments. The leading initiative was immediately endorsed highly hailed by the WCO.
Up until the end of H1, 2020, there are 77 registered companies as members of the AEO program, and there are 84 applications from businesses, which are willing to join the program. The AEO program helps reduce the operational cost on businesses by 36%. Members confirmed the AEO program has helped them speed up customs clearance by 53% and boost their external trade. They said they hoped for more prosperity and growth thanks to the new strategic partnerships between the UAE and the countries using the program.
Dubai Customs, in coordination with the WCO and the UAE Federal Customs Authority, is organizing the 5th WCO GLOBAL AEO CONFERENCE in the coming period. The conference will enable participants exchange knowledge and expertise in the customs field, and is expected to attract more than 1,000 participants, along with the WCO and member countries’ official delegations.
“The AEO program has significantly sped up trade transactions and supported the local supply chain, “ said Eman Badr Al-Suwaidy, Director of Customs Valuation Department and Head of the Dubai Customs AEO Program. “This is clearly manifested in the increased number of customs transactions carried out through the program. We are fully geared up to the 5th WCO GLOBAL AEO CONFERENCE, which Dubai will host under the theme (AEO 2.0: ADVANCING TOWARDS NEW HORIZONS FOR SUSTAINABLE AND SECURE TRADE). The AEO concept is a global standard as defined by the World Customs Organization (WCO) SAFE Framework of Standards to Secure and Facilitate Global Trade.”