LS Cable & System announced the obtainment of AEO (Authorized Economic Operator) Accreditation from the Korea Customs Service. LS Cable & System is the only cable maker in Korea to win AEO accreditation, and thus will enjoy various benefits in terms of customs clearance not only in Korea, but also in countries with which a Mutual Recognition Agreement is concluded.
The AEO System is an international logistics standard established by the World Customs Organization to facilitate international trade while also ensuring security as safety inspections on clearance items strengthened around the world in the wake of the 9.11 terrorist attacks in 2001. This system is being implemented in around 60 countries including the U.S., Canada, and the EU. Customs authorities in each country select accreditation targets by investigating and reviewing compliance with laws, safety management standards, internal controls, and the financial integrity of importing and exporting companies.
Once accredited as an AEO, a company can benefit from simplified customs procedures in terms of inspection and document review and also enjoy preferential customs clearance on inward cargoes and unlimited security provision. AEO accredited companies can also receive benefits of the same standard in eight countries abroad including China, Japan and the U.S. with which Korea has entered into Mutual Recognition Agreement.
LS Cable & System’s CPO (Chief Purchasing Officer) Jae-Yeong Lee said, “With AEO accreditation, LS Cable & System will not only increase its export competitiveness through time and cost saving in customs clearances, but also become recognized internationally as a company to have secured safety and reliability.”
Following the achievement to become the first cable company to win AEO accreditation in 2011, LS Cable & System succeeded in reaccreditation. An accreditation ceremony was held in the afternoon of the 16th (Wednesday) inside the Seoul Main Customs building.