EU, China Sign Landmark Customs Agreement

摘要

Asia and Europe have long been the world's foremost trade partners, dating back to the Silk Road. Now, a new customs agreement between China and the European Union (EU) aims to give traders between the two continents a fresh set of sails. Under the agreement, the EU and China committed to recognizing each other's certified safe traders, allowing these companies to benefit from faster controls and reduced administration for customs clearance-in effect, simplifying procedures, increasing transparency, and reducing costs. Mutually recognizing trusted traders also allows Customs to focus its resources on real risk areas, 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 Japan in 2011, and the United States in 2012.