China and Serbia have recently signed an agreement on mutual Authorized Economic Operator (AEO) status. The security and facilitation of bilateral trade between China and Serbia will be further improved.
The AEO system, initiated by the World Customs Organization, is meant to facilitate customs clearances for enterprises deemed to have a high level of law compliance, credit status and safety. Under the AEO agreement, enterprises that obtain the AEO status in different countries will enjoy simplified customs procedures.
According to the agreement, the simplified customs procedures provided by the customs of China and Serbia to AEO companies of each other include: application of a lower document review rate; application of a lower inspection rate of imported goods; prioritized customs check for goods that require physical inspection; customs liaison officers will be designated to communicate and solve problems encountered by project members during customs clearance. Priority will also be given to customs clearance after international trade is restored.
Among the 17 Central and Eastern European (CEE) countries, 12 EU member states have carried out AEO cooperation under the framework of the China-EU AEO Mutual Recognition Decision inked in 2014. The China-Serbia AEO Mutual Recognition Agreement is the first AEO cooperation document struck between China and 5 other non-EU member states. This is not only conducive to improving security and facilitation of bilateral trade between China and Serbia, but also lays the foundation for promoting full AEO cooperation with 17 Central and Eastern European countries (CEE).
China has signed mutual AEO agreements with 17 economies and 43 countries and regions including Singapore, South Korea, and the European Union, reaching the highest number of countries and regions with mutual recognition in the world. China's exports to the above-mentioned countries and regions have accounted for nearly 40% of its total exports.
(Source: Xinhua)
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