South Korea and Mongolia on Monday signed a customs deal aimed at facilitating bilateral trade.

The Mutual Recognition Arrangement for authorized economic operators was inked between Kim Yung-moon, commissioner of the Korea Customs Service, and his Mongolian counterpart in Ulaanbaatar, according to Korea Customs Service.

The arrangement calls for each of the respective sides to speedily clear products from the other country and give priority in customs processing, as well as to set up dedicated contact points to deal with complications in clearance.