RIYADH — Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) has signed a Memorandum of Understanding (MoU) with the Korean Customs Service on mutual recognition of the economic operator program approved by the two countries.
The MoU aims to enhance the security of supply chains and facilitate trade by exchanging privileges provided to economic operators accredited by Saudi and Korean customs.
The move is expected to accelerate the clearance of goods in customs ports, enhance trade exchange and support the economy of both countries.
The MoU, which was signed in the presence of Engineer Suhail Abanmi, governor of ZATCA, and Kwang Hyo, South Korea's Customs Commissioner, comes with the visit of a Korean Customs delegation to the ZATCA headquarters for a third bilateral meeting.
During the meeting, the two sides discussed ways to enhance cooperation, in addition to a number of common customs issues.
ZATCA also reviewed during the meeting the "Clearance within Two Hours" project, which aims to unify efforts between customs clearing authorities.
Moreover, the authority has reviewed the "Digital Employee" service, which aims to improve the quality of digital services provided by ZATCA to taxpayers and customers utilizing artificial intelligence technologies and solutions in all sectors of zakat, tax, and customs.
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