BAT Wins AEO Certification

Source from:  The Korea Times 12/16/2011

British American Tobacco (BAT) Korea was recognized as an Authorized Economic Operator (AEO) certified by the Korea Custom Services. This is the first time for a tobacco company to garner the AEO certification, which is designed by the World Customs Organization to recognize outfits for successfully securing international trade flow. The certification was awarded Friday at Busan Main Custom Service. The certification gained weight internationally after trade security measures were strengthened in the aftermath of the Sept. 11 terrorist attacks in 2001. It was first introduced to Korea in 2009. The AEO is categorized into four aspects - regulation, internal control system, financial soundness and security management. Candidates are required to pass the strict standards in all four parts to gain certification. Companies certified with an AEO can enjoy a host of benefits such as saving time with logistics and costs through the faster export and import process together with eased and more convenient customs inspections. As Korea has signed a Mutually Recognition Agreement with five nations including the United States, Canada and Japan, BAT Korea will be able to enjoy the special benefits given to AEO firms in those countries as well. "Being the first tobacco company in Korea to receive the AEO certificate is a meaningful result, particularly as our business principle is to `provide and manage products responsibly,'" BAT Korea Executive Director Kim Hyoung-min said. "We will continue to offer consumers high quality products, as a bridgehead is now in place for more effective exports and imports with the AEO distinction." Enditem