Bahrain and Hong Kong Sign Mutual Recognition Agreement to Facilitate Trade

Bahrain and Hong Kong have signed a Mutual Recognition Agreement (MRA) for their respective Authorized Economic Operator (AEO) programs to enable trade and bolster international cargo security. The signing ceremony, held on April 23, 2024, was attended by the Commissioner of Customs and Excise of Hong Kong, Ms. Louise Ho, and the President of the Bahrain Customs Affairs, Mr. Shaikh Ahmed bin Hamad Al Khalifa.

The MRA will bring significant benefits to AEOs in both places and enhance their competitiveness in the international market. AEOs from the signatory countries or regions will enjoy reciprocal trade facilitations, such as reduced inspection rates and prioritized clearance. This agreement reinforces international cargo security while enabling legitimate cross-boundary cargo movements.

The signing of the MRA is a milestone in nurturing the connection and collaboration between Hong Kong and Bahrain. "The MRA will allow AEOs from the signatory countries or regions to enjoy reciprocal trade facilitations, such as reduced inspection rates and prioritized clearance," said Ms. Louise Ho, Commissioner of Customs and Excise of Hong Kong.

This is the 15th MRA signed by Hong Kong Customs, with the other 14 being with Mainland China, India, Korea, Singapore, Thailand, Malaysia, Japan, Australia, New Zealand, Israel, Canada, Mexico, Indonesia, and Macao. Hong Kong Customs is dedicated to expanding its MRA network, particularly with Belt and Road economies, to bring more trade facilitation benefits to AEOs.

Why this matters: The signing of the MRA between Bahrain and Hong Kong represents a significant step in strengthening trade relations and enabling secure international cargo movements. This agreement will provide AEOs in both regions with reciprocal trade benefits, ultimately boosting their competitiveness in the global market.

The Hong Kong AEO Programme was launched in 2012, and the signing of the MRA with Bahrain brings the total number of MRAs ratified by Hong Kong Customs to 15. Mr. Shaikh Ahmed bin Hamad Al Khalifa, President of the Bahrain Customs Affairs, emphasized the importance of this agreement in nurturing greater security in the global supply chain while enabling legitimate trade between the two regions.

Key Takeaways

• Bahrain and Hong Kong signed an MRA for their AEO programs.
• The MRA will enable reciprocal trade facilitations, like reduced inspections.
• This is Hong Kong's 15th MRA, expanding its network with Belt and Road economies.
• The MRA strengthens trade relations and secures international cargo movements.
• The agreement boosts competitiveness of AEOs in both regions' global markets.