● SK chemicals Earns "AA" AEO Certification Rating
- SK chemicals Gets Highest Rating in 3 Years...More Benefits Like Reduced Penalties
- Expects to Save Logistical Cost and Raise Export Competitiveness
SK chemicals said on October 19 that it won an AA rating for the export/import category from the Korea Customs Service for its Authorized Economic Operator award evaluation. This is one notch higher than the A rating the company earned in 2011.
The Authorized Economic Operator scheme, recognized by the World Customs Organization, is evaluated by the Korea Customs Service among exporters and importers for compliance with the WCO Framework of Standards to Secure and Facilitate global trade (SAFE). An AEO-complying company can get a variety of customs privileges.
In the 2014 evaluation, SK chemicals earned high marks in the areas of the degree of rule compliance, internal control, and safety management. An SK chemicals official commented on this, “Since 2011 when we got the first AEO evaluation, we have worked hard to improve our internal system to get a better score.”
Benefits for winning a high AEO rating include customs privileges commensurate with the AEO level of the export partner country in accordance with the Mutual Recognition Arrangement. In addition, SK chemicals will be able to get a higher percentage of expedited penalty discounts (15% to 30%), higher percentage of regular penalty discounts (20% to 30%), and higher percentage of export/import inspection exempted items (50% to 70%).
The same SK chemicals official said, “With the upward adjustment of the AEO rating, we expect to improve our export competitiveness by saving logistics costs. We will keep working hard to earn an even higher AEO rating in the future.”
The Authorized Economic Operator certification scheme is in use by 55 countries in the world including the United States and the EU. Most multinational corporations require their suppliers to have an AEO certification as part of their effort to reduce logistical risk.
[Photo Caption]
SK chemicals said on October 19 that it won an AA rating from the Korea Customs Service for its AEO award evaluation. SK chemicals Senior Manager Ahn Dong-hyun (right) is receiving the AEO certification from Kim Dae-seop, head of Korea Customs Service Daegu/N. Gyeongsang office
☞ World Customs Organization
An intergovernmental organization with its head office in Brussels, Belgium, the World Customs Organization seeks to facilitate international trade by simplifying customs rules. Currently it has 174 member nations and represents the interests of the global customs community. The AEO certification is an international standard introduced for the sake of a safer, smoother flow of goods across the organization`s members.