Jeddah, KSA, 05.03.2013 - The Islamic Development Bank and the Brussels-based World Customs Organization (WCO), on Tuesday signed a Memorandum of Understanding (MoU) at the IDB headquarters in Jeddah.
The document, signed by Dr. Ahmad Mohamed Ali, Chairman, IDB Group and Dr. Kunio Mikuriya, Secretary General, WCO, envisages providing a general framework for cooperation and collaboration between the two institutions aimed at supporting socio-economic development of IDB member countries by assisting their respective Customs administrations in capacity building, income optimization and developmental and modernization efforts.
The two institutions will collaborate to identify, and implement joint Customs capacity building programs in IDB member countries with a view to promoting modernization and cross-border trade. It is also expected to facilitate regional cooperation and integration, exchange of knowledge and expertise.
Established in 1952, the World Customs Organization is an independent intergovernmental body established to enhance effectiveness Customs administration in its member countries. Currently, it represents 179 Customs administrations across the globe that collectively process approximately 98% of the world trade.