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Huvis strengthens global competitiveness with AEO
20 Apr '12
2 min read
Huvis (CEO, Bae Keun Yoo), the nation's No.1 cutting-edge chemical fibers & materials company, announced that it acquired the AEO (Authorized Economic Operator) certification at the presentation ceremony. The director of Seoul Customs Headquarters, Gi Young Kim, and Huvis CEO, Bae Keun Yoo, were in attendance. It was held at the Seoul Customs Headquarters in Gangnam-gu, Seoul.
The AEO certification system is a concept created by the WCO (World Customs Organization) to accept globally reinforced trade safety measures and to complement the smooth flow of international trade after 9/11. It means that a company is certified to be reliable and stable from their country's customs authorities. Currently, a total of 210 companies related to major imports and exports have acquired the AEO Certification in the 292 fields in Korea.
According to mutual authentication between foreign countries through the obtained AEO certification, Huvis is expected to gain benefits in exportation, such as simplification of customs procedures with trading partners and procurement of new accounts. In regards to the nation's customs service, Huvis will acquire benefits, such as exemption as a target for corporate tax evaluations, reduction of fines and noticed disposition amounts, exclusion from inspection of imported goods and upgrading of mortgage credit ratings, etc.
Through the TFT constitution from March 2011, Huvis has carried forward the acquisition of the AEO certification and for this, the company has invested an amount of 450 million won, installed security equipment and upgraded its IT system.
A spokesperson for Huvis stated, “We gained a competitive advantage in the American market, a major importer, through the AEO certification, especially with its addition to the elimination of the FTA tariff between Korea and the U.S. that took effect on the 15th” and announced, “Benefits from the simplification of customs procedures in imports and exports that we gained as an authorized import/export-safe company can be equally applicable in the U.S. In the case that American companies demand the AEO certification under the agreement of import contracts in our dealings, we can meet them efficiently.”
“We gained a foothold for expanding exports to overseas markets through the acquisition of the AEO certification,” said Huvis CEO, Bae Keun Yoo. “We will strive to strengthen our global competitiveness as the nation's largest producer of polyester and the leading company in the industry.”
The AEO certification system is a concept created by the WCO (World Customs Organization) to accept globally reinforced trade safety measures and to complement the smooth flow of international trade after 9/11. It means that a company is certified to be reliable and stable from their country's customs authorities. Currently, a total of 210 companies related to major imports and exports have acquired the AEO Certification in the 292 fields in Korea.
According to mutual authentication between foreign countries through the obtained AEO certification, Huvis is expected to gain benefits in exportation, such as simplification of customs procedures with trading partners and procurement of new accounts. In regards to the nation's customs service, Huvis will acquire benefits, such as exemption as a target for corporate tax evaluations, reduction of fines and noticed disposition amounts, exclusion from inspection of imported goods and upgrading of mortgage credit ratings, etc.
Through the TFT constitution from March 2011, Huvis has carried forward the acquisition of the AEO certification and for this, the company has invested an amount of 450 million won, installed security equipment and upgraded its IT system.
A spokesperson for Huvis stated, “We gained a competitive advantage in the American market, a major importer, through the AEO certification, especially with its addition to the elimination of the FTA tariff between Korea and the U.S. that took effect on the 15th” and announced, “Benefits from the simplification of customs procedures in imports and exports that we gained as an authorized import/export-safe company can be equally applicable in the U.S. In the case that American companies demand the AEO certification under the agreement of import contracts in our dealings, we can meet them efficiently.”
“We gained a foothold for expanding exports to overseas markets through the acquisition of the AEO certification,” said Huvis CEO, Bae Keun Yoo. “We will strive to strengthen our global competitiveness as the nation's largest producer of polyester and the leading company in the industry.”
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