The Maldives Customs Service and the customs authorities of three regional countries have signed an agreement to share information on goods before vessels carrying those goods arrive at their respective ports, in a move aimed at speeding up the clearance of imports and exports.
The agreement was signed during the 14th meeting of the Customs Group of the South Asian Association for Regional Economic Cooperation (SAARC). The meeting, hosted by the Maldives Customs Service this year, brought together customs authorities from the Maldives, Bhutan, Bangladesh and Nepal, which agreed to strengthen cooperation.
The agreement was signed on behalf of the Maldives by Commissioner General of Customs Fathimath Diyana. Minister of Homeland Security and, Labour and Technology Ali Ihusaan and Asian Development Bank Principal Regional Cooperation Specialist for South Asia Dr Yurendra Basnett also attended the ceremony.
Under the agreement, a system will be established through which information on goods being imported or exported between the four countries can be shared with the customs authority of the country where the vessel carrying the goods is due to arrive before the vessel reaches port.
The system is expected to facilitate trade between the countries and speed up the clearance of goods by customs authorities.
The Maldives Customs Service said the agreement represents a significant step towards strengthening regional cooperation, connecting customs authorities and improving coordination. It said the arrangement would enable authorities to obtain comprehensive information about goods before they arrive, facilitate enforcement of laws and regulations, and strengthen coordination at border points.
Customs officials said the agreement would also help address delays faced by businesses in receiving goods at border points and reduce the costs associated with transporting and handling cargo.
The Customs Service added that the agreement would strengthen supply-chain security, accelerate trade between the countries and ultimately benefit businesses engaged in cross-border commerce.
The 14th meeting of the Customs Group of the South Asian Association for Regional Economic Cooperation is being held from Aug. 19 to 20.