AD Ports Group has signed a Memorandum of Understand (MoU) with the Kuwait General Administration of Customs to establish a new virtual trade corridor between the United Arab Emirates (UAE) and Kuwait, under the supervision of the Department of Economic Development of Abu Dhabi (ADDED), to accelerate trade and enable more efficient procedures.
Under the MoU’s terms, AD Ports Group’s digital arm, Maqta Gateway, will develop the new virtual trade corridor based on its advanced trade & logistics platform (ATLP), under the supervision of the department of economic development of Abu Dhabi, establishing new policies, procedures and systems integrations to further simplify and facilitate cross-border trade.
“Building upon the bilateral trade ties that have long existed between Kuwait and the UAE, the newly announced virtual trade corridor aims to realise a host of enhanced policies, procedures, and system integrations that will accelerate cross-border movements of goods traded between the two countries,” said Noura Al Dhaheri, CEO of Maqta Gateway.
With the establishment of the new virtual trade corridor, customs authorities in both countries 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, according to a statement.
The MoU will also provide accelerated procedures for expediting shipments of perishable goods, which is anticipated to reduce dwell time at borders.
The digital integration is also expected to have safety and security benefits, by improving visibility for authorities over any possible risks associated with goods that move between the two countries, as well as by reducing the inspection rate and simplifying procedures for authorisation holders.
“By establishing this virtual trade corridor, we will generate 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,” stated Rashid Abdul Karim Al Balooshi, undersecretary of Abu Dhabi department of economic development and chairman of the higher committee of logistics development.
