China's top customs authority last Friday signed an agreement with its Japanese counterpart on the mutual recognition of the authorized economic operators (AEOs) of both countries in a move to further facilitate bilateral trade, the 21st Century Business Herald reported.
Under the agreement, the goods of an AEO, which refer to an enterprise with a good record on credit, legal compliance and internal management as authorized by their domestic customs authorities, will enjoy preferential treatment given by their destination country during the customs clearance process, which will dramatically lower trade costs for the enterprise.
So far, China has signed AEO mutual recognition agreements with 36 countries and regions, with the combined volume of their Chinese imports accounting for 43.33 percent of China's total annual export volume.
Data shows that the total trade volume between China and Japan, China's third largest trading partner, reached 243.7 billion U.S. dollars over the first nine months of this year, a year-on-year increase of 10.7 percent.
Around 73,300 Chinese enterprises had exported their products to Japan during the same period, with 1,664 of them being AEOs, accounting for more than half of all AEOs in China. The combined exports of these 1,664 AEOs to Japan accounted for 23.5 percent of the total Chinese exports to the country.
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