S. Korea, Mongolia ink customs deal to facilitate trade

SEJONG, Sept. 30 (Yonhap) -- South Korea and Mongolia on Monday signed a customs deal meant to facilitate bilateral trade, South Korea's customs agency said.

The Mutual Recognition Arrangement for authorized economic operators was inked between Kim Yung-moon, commissioner of the Korea Customs Service, and his Mongolian counterpart in Mongolia's capital Ulaanbaatar, according to Korea Customs Service.

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 a Mutual Recognition Arrangement with 21 countries, including the United States, China and Japan.

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