The recognition of the Gulf Cooperation Council will guarantee several commercial benefits and will improve the Group's operational efficiency
Racing Force Group is proud to announce that its subsidiary Racing Force International W.L.L., based in the Kingdom of Bahrain, was certified, by the Customs Administration, as a member of the GCC (Gulf Cooperation Council) Authorised Economic Operator programme This is a prestigious recognition for Racing Force International's excellent management of import and export procedures, supply chain, as well as full adherence to the requirements of the World Customs Organization, and for the positive economic spin-offs resulting from its activities in the Arabian Gulf region.
Having obtained the GCC AEO certificate will allow Racing Force International, and the whole Group in general, to take advantage of various facilitations in terms of procedures, security, taxation and customs controls. To date, Racing Force Group exports to 85 countries, nurturing relationships with an extensive network of dealers, partners, customers and suppliers.
Thanks to the GCC AEO certificate, the Group will be able to speed up the time in the import-export processes to all over the world, as well as to reduce the associated cost, becoming even more competitive in the global motorsport safety equipment market, and in managing its diversification projects.
Founded in 1981, the Gulf Cooperation Council (full name: Cooperation Council for the Arab States of the Gulf) is a regional international organization and free trade area that brings together six countries in the Arabian Gulf: Bahrain, Saudi Arabia, the United Arab Emirates, Kuwait, Oman and Qatar.
The presence in the Kingdom of Bahrain once again proves to be a highly strategic one for Racing Force. At the Bahrain International Circuit in Sakhir is located the R&D and production center of the Bell Racing Helmets brand. The construction of a second floor was recently completed, expanding the total area to 12,000 square meters, with the aim of meeting the increasing demand. Meanwhile, the groundbreaking also took place for a second facility, adjacent to the existing one, which will be dedicated to the production of a selection of OMP-branded products.
The Kingdom of Bahrain also boasts a free trade agreement with the United States, to which exports can be made without incurring customs charges, fully supporting the ambitious expansion strategy put in place by Racing Force in one of the most important markets in motorsport. Negotiations are also underway between the countries of the GCC area, including the Kingdom of Bahrain, and the United Kingdom, to initiate a free trade agreement with another country of primary relevance in the industry, being home to most Formula 1 teams.
The Authorized Economic Operator certificate of GCC was presented in an official ceremony of the Ministry of Interior of the Kingdom of Bahrain by Shaikha Muneera bint Mohammed Al Khalifa, Director-General of Customs Clearance and Service, to Aref Yazbek, Chief Business Officer of Racing Force Group & Managing Director Bahrain.
Aref Yazbek, Chief Business Officer & Managing Director Bahrain of Racing Force Group, said: "The Authorized Economic Operator certificate received from the Gulf Cooperation Council is another proof of the excellence we pursue in every aspect of our business. Behind the victories we achieve in motorsport, or the technological milestones we set, there is also a fundamental work of import-export and logistics management, through which we can access the best materials and equipment for our production, and subsequently ensure the highest level of service for customers, partners and distributors around the world. We are incredibly proud of this recognition obtained from the Gulf Cooperation Council, and I deeply thank all the employees in our Sakhir headquarters for making this possible. In the meantime, we are closely monitoring the possibility of GCC members signing a free trade agreement with the United Kingdom, one of the nations where we export products in the largest volume."
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https://www.actusnews.com/documents_communiques/ACTUS-0-88896-241126-eng-racing-force-gets-certification-in-bahrain-as-authorized-economic-operator-by-the-gcc.pdf
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