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New Economic Collaboration Between UAE and Kuwait Establishes a Virtual Trade Corridor to Enable Smoother Procedures and Accelerate Trade27 March 2022
Collaboration Between AD Ports Group and Kuwait General Administration of Customs Will Further Facilitate Cross-Border Trade
Abu Dhabi, United Arab Emirates, – 27 March 2022: AD Ports Group today announced the signing of a Memorandum of Understand (MoU) with the Kuwait General Administration of Customs to establish a new virtual trade corridor between the UAE and Kuwait, under the supervision of Department of Economic Development – Abu Dhabi (ADDED).
The signing took place in Kuwait following a visit by DED’s Logistics Committee, under the auspices of His Excellency Abdulwahab Al-Rushaid, Minister of Finance and Minister of State for Economic Affairs and Investments - Kuwait and in presence of His Excellency Dr. Matar Hamed Al Neyadi, Ambassador of the United Arab Emirates to Kuwait, and was signed by Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, and Suleiman AbdulAziz Al-Fahd, Director of the General Administration of Customs - Kuwait.
The MoU builds on existing cooperation between the UAE and Kuwait. Under its terms, 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 the Department of Economic Development- Abu Dhabi, 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.
The digital integration also 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 authorisation holders.
His Excellency Dr. Matar Hamed Al Neyadi, Ambassador of the United Arab Emirates to Kuwait, 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 United Arab Emirates 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.”
His Excellency Rashid Abdul Karim Al Balooshi, Undersecretary, Abu Dhabi Department of Economic Development, 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.”
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group said: “On behalf of AD Ports Group, Iwould like to share our deep gratitude to Her Highness Sheikha Fatima bint Mubarak, Mother of the Nation, whose unwavering support highlights our wise leadership’s mission to promote the important role of Emirati women toward the economic and social development of our beloved nation
"The signing of this agreement comes as a result to cooperation efforts and mutual visits between the logistic committees in the two countries, hoping that it will provide high-level facilities for both customs authorities and business partners.”
>Dr. Noura Al Dhaheri, CEO of Maqta Gateway, Head of the Digital Cluster, AD Ports Group, said: “Building upon the bilateral trade ties that have long existed between Kuwait and the UAE, the newly announced virtual trade corridor aims to realise a host of enhanced policies, procedures, and system integrations that will accelerate cross-border movements of goods traded between the two countries.
“Since its founding, Maqta Gateway has committed its efforts towards advancing the digitalisation of the region’s trade, logistics, and industrial landscape through the implementation of novel solutions that are transforming industry.
“By digitalising clearance and shipment delivery through this virtual trade corridor, we will be able to deliver real benefits for importers and exporters in Kuwait and the UAE, while simultaneously enhancing security and realising new levels of efficiency.”
The long-standing bilateral trade ties enjoyed between the two GCC countries in recent years has seen the rapid growth of several key commodity markets. In 2021, the UAE imported more than two million tonnes of petroleum oil products valued at an estimated AED 3.79 billion from Kuwait, as well as 143,408 tonnes of petroleum coke and tar valued at AED 213 million.
During the same period, the State of Kuwait imported over 18.94 million tonnes of pebbles and stones for use in construction from Abu Dhabi, valued at AED 650 million. It also imported 16 and 18 tonnes of gold and jewellery that were valued at AED 3.16 billion and AED 2.8 billion, respectively.
Other notable goods exchanged between the two countries include electronics, medicines, food products, copper scraps, and ethylene polymers.