UAE, Kuwait sign MoU to establish virtual trade corridor

The signing took place in Kuwait following a visit by DED’s Logistics Committee, under the patronage of Abdulwahab Al Rushaid, Minister of Finance and Minister of State for Economic Affairs and Investments - Kuwait and in presence of Dr. Matar Hamed Al Neyadi, UAE Ambassador to Kuwait. The MoU was signed by Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, and Suleiman Abdul Aziz Al Fahd, Director of the General Administration of Customs - Kuwait.

Under the MoU, Maqta Gateway, AD Ports Group’s digital arm, will develop the new virtual trade corridor based upon its Advanced Trade & Logistics Platform (ATLP), under the supervision of ADDED, establishing new policies, procedures and systems integrations to support a virtual trade 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.

Dr. Al Neyadi said, "The UAE and Kuwait have a vast cooperation opportunity as they both have exceptionally promising markets. We are confident that the cooperation between AD Ports Group and Kuwait General Administration of Customs to establish the first virtual trade corridor between the UAE and Kuwait, will enhance trade exchange between the two countries, and will support their efforts in achieving digital transformation goals, streamlining shipping procedures to reduce transportation and shipping costs, as well as expanding economic cooperation, facilitating the development of the supply chains, and encouraging business investment, by building on the best digital solutions and logistics services provided by the virtual trade corridor."

Rashid Abdul Karim Al Balooshi, ADDED Under-Secretary and Chairman of the Higher Committee of Logistics Development, said, "This MoU sets the stage for deeper cooperation with our trade partners. 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."