China and EU to launch mutual AEO recognition to boost trade

16 October 2015

China and the European Union are set to launch a mutual recognition on an Authorized Economic Operator certificate on November 1 to boost bilateral trade.

The AEO certificate consists of a number of internationally recognized quality standards that guarantee a business is secured in the international supply chain.

Head of the Audit Division at the General Administration of Customs of China Tang Qingtao says the AEO certificate can help companies to promote their competitiveness in international trade.

"Since the implementation of AEO certificate between China and South Korea, the certified Chinese exporters have seen the rate of goods clearance through South Korean customs increase by 30 percent on average. For example, in Qingdao, the AEO certified exporters saw a year-on-year growth in trade with South Korea by over 20 percent."

Tang has added that the mutual recognition on the AEO certificate can also facilitate the economic connectivity and interaction between China and its major trade partners, such as the EU and the US.

"The EU and the US are the two biggest marketplaces for Chinese exporters. To follow the national strategies in recent years and to promote economic ties between China and its major markets, China's customs have simplified its clearance procedures to boost bilateral trade and help traders on both sides to achieve faster development."

At the same time, the EU is seeking opportunities with China to further promote their cooperation on reviewing mergers.

The European Commission and Commerce Ministry of China have hammered out a guidance document dubbed "best practices for cooperation on reviewing mergers".

They have agreed to increase the efficiency of investigations and reduce the burden on the merging parties.

Source: CRIEnglish.com

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