First forum on the new AEO trade standards kicks off

The first international conference on the new trade paradigm, mainly refering to the Authorized Economic Operator, kicked off in Korea on Tuesday.

About 800 senior public officials, business leaders and professors from around the world are attending the three-day forum co-hosted by the Korea Customs Service and the World Customs Organization.

The conference is drawing interest as this marks the first global gathering since a group of customs authorities officially introduced the so-called AEO concept in 2005.

KCS officials said they expect the event will pave the way for the nation to take the initiative in catching up with the global customs trend.

The AEO indicates a party involved in the international movement of goods that has been approved by a national customs administration as complying with World Customs Organization or equivalent supply chain security standards.

Among them are all stakeholder groups such as importers, exporters, brokers, carriers, consolidators, intermediaries, ports, airports, terminal operators, integrated operators, warehouses and distributors.

Since the U.S. adopted the program in the aftermath of the Sept. 11 terrorist attacks in 2001, 54 countries including Korea have joined. They make up about 77 percent of the world’s trade volume.

By Kim Yon-se (kys@heraldcorp.com)