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The European Union (EU) and Chinese trusted traders will enjoy lower costs, simplified procedures and greater predictability in their activities, thanks to a landmark mutual recognition agreement that is due to come into force in November 2015.
Under the agreement signed last year, the EU and China committed to recognizing each other's certified safe traders, thereby allowing these companies to benefit from faster controls and reduced administration for customs clearance. Mutual recognition of trusted traders also allows customs to focus their resources on real risk areas, thereby improving supply chain security on both sides. The EU is the first trading partner to enter into such an agreement with China, having already signed similar deals with the USA (2012) and Japan (2011).
The EU Commission and the Customs Administration of China signed on June 29 a joint statement about the last steps before mutual recognition takes effect later this year. They concluded that China’s new legislation is compatible with EU customs legislation and they will carry out further technical work to facilitate trade.
