By APD writer Alice

South Korea and Mongolia on September 30 signed the Mutual Recognition Arrangement for authorized economic operators to facilitate bilateral trade.

The deal was inked by Kim Yung-moon, commissioner of the Korea Customs Service, and his Mongolian counterpart in Mongolia's capital Ulaanbaatar.

The arrangement calls for each of the respective sides to speedily clear products from the other country and give priority in customs processing, as well as to set up dedicated contact points to deal with complications in clearance.

Currently, South Korea has Mutual Recognition Arrangements with 21 countries, including the United States, China, and Japan.

(ASIA PACIFIC DAILY)