News
The European Union （EU） and the U.S. certified trusted traders will enjoy lower costs, simplified procedures and greater predictability in their transatlantic activities, as a result of a mutual recognition decision signed Friday. The European Union and the United States of America formally agreed to recognize each other's safe traders, thereby allowing these companies to benefit from faster controls and reduced administration for customs clearance. Importantly, mutual recognition will also improve security on imports and exports, by enabling customs authorities to focus their attention on real risk areas.
There are currently some five thousand companies approved as Authorized Economic Operators （AEOs） in the EU ? a number which is growing year on year. The EU and U.S. are strategic trade partners, with imports and exports accounting for almost ?500 billion in 2011. The mutual recognition is expected to further boost trade opportunities and contribute to the smooth flow of goods between both sides, without compromising the high security standards on either side of the Atlantic. The joint decision will start to be implemented from 1 July 2012.
