AD Ports Group signed an MoU with the Kuwait General Administration of Customs to establish a new virtual trade corridor between the UAE and Kuwait, under the supervision of Abu Dhabi Department of Economic Development.
Under the agreement, Maqta Gateway, AD Ports Group’s digital arm, will develop the new virtual trade corridor based upon its Advanced Trade & Logistics Platform (ATLP), establishing new policies, procedures and systems integrations to support the corridor that will further simplify and facilitate cross-border trade.
With the establishment of the new virtual trade corridor and implementation of integrated solutions, 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.
The MoU will also provide for accelerated procedures for expediting shipments of perishable goods, reducing dwell time at borders.
AD Ports said the digital integration has significant safety and security benefits, improving visibility for authorities over any possible risks associated with goods that move between the two nations, as well as reducing the inspection rate and simplifying procedures for authorization holders.
Dr. Matar Hamed Al Neyadi, UAE Ambassador to Kuwait, said, “We are confident that the cooperation between AD Ports Group and Kuwait General Administration of Customs will enhance trade exchange between the two countries.”
Rashid Abdul Karim Al Balooshi, ADDED Under-Secretary said, “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, establishing Abu Dhabi as a leading trade and logistics hub in the region.”
In 2021, the UAE imported more than two million tons of petroleum oil products valued at an estimated AED3.79 billion from Kuwait, as well as 143,408 tons of petroleum coke and tar valued at AED213 million.
During the same period, the State of Kuwait imported over 18.94 million tons of pebbles and stones for use in construction from Abu Dhabi, valued at AED650 million. It also imported 16 and 18 tons of gold and jewelry that were valued at AED3.16 billion and AED2.8 billion, respectively.