Virtual trade corridor

Under the memorandum of understanding, Maqta Gateway, AD Ports Group’s digital arm will develop the new virtual trade corridor based upon its Advanced Trade & Logistics Platform, under the supervision of the Department of Economic Development- Abu Dhabi, establishing new policies, procedures and systems integrations that will simplify and facilitate cross-border trade.

“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,” said Dr Noura Al Dhaheri, chief executive of Maqta Gateway, head of the digital cluster, AD Ports Group.

“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 new corridor will allow customs authorities in both countries to access pre-arrival information for international cargo movements, making cross-validation of information significantly faster and promoting pre-clearance of goods.

The digital integration will also help expedite shipments of perishable goods, as well as bringing significant safety and security benefits, reducing the inspection rate and simplifying procedures for authorisation holders.

The two countries trade in several key commodity markets including petroleum oil, coke and tar, construction materials, gold, jewellery, electronics and medicines.