Customs Service and Inter-American Development Bank Sign Cooperation Agreement in Customs Sector

The Korea Customs Service (KCS) recently announced on the 11th that Commissioner Ko Gwang-hyo renewed the "KCS-IDB Customs Cooperation Agreement" with Ana Maria Ibanez, Vice President of the Inter-American Development Bank (IDB), at the IDB headquarters located in Washington D.C., to strengthen cooperation in the customs sector.

The IDB is a development bank established in 1959 with the purpose of promoting economic and social development in Latin America and the Caribbean and fostering regional economic integration. Korea became a member country in 2005.

Koh Kwang-hyo, Commissioner of the Korea Customs Service (left), is taking a commemorative photo after signing a business agreement with Anna Maria Ibanez, Vice President of the Inter-American Development Bank, on the 9th (local time) in Washington D.C., USA. Photo by Korea Customs Service

Since signing the first cooperation agreement with the IDB in 2018, the KCS has maintained a cooperative relationship with the IDB in areas such as building electronic customs clearance systems and supporting education and training to modernize customs administration in the Latin American region.

The revised agreement includes provisions for new digital-based education and training projects and establishes internal evaluation regulations to assess the economic impact of support projects, thereby laying the foundation for strengthening the cooperative relationship.

Following the revision of the agreement, both organizations plan to mutually cooperate to develop support projects so that beneficiaries can experience tangible effects.

Meanwhile, during his visit to the United States, Commissioner Ko also visited the headquarters of the U.S. Customs and Border Protection (CBP) and held a meeting with Deputy Commissioner Pete Flores.

At this meeting, the customs authorities of both countries discussed cooperation in crackdowns to block the cross-border movement of hazardous items such as narcotics and exchanged views on recent policy issues introduced to manage transparent and secure trade supply chains, exploring ways to enhance mutual cooperation.