(Yicai Global) April 24 -- China has signed authorized economic operator customs agreements with 36 countries, blocs and regions, including the EU, Singapore, South Korea, Switzerland, New Zealand, Japan, Israel and Australia.
Of these, 14 lie along the routes of the country's One Belt, One Road trade initiative, per a statement from China's General Administration of Customs today.
The agency will also sign AEO mutual recognition arrangement agreements with Belarus, Kazakhstan and Uruguay during the second Belt and Road Forum for International Cooperation which starts in Beijing tomorrow.
An AEO is "a party involved in the international movement of goods in whatever function that has been approved by or on behalf of a national Customs administration as complying with World Customs Organization or equivalent supply chain security standards," per the definition of the Brussels-based intergovernmental World Customs Organization.
Customs recognize the AEOs of other countries or regions through mutual recognition and cooperation.
Such companies enjoy lower inspection rates, preferential handling of customs business, preferential clearance in special periods and other favorable treatment to reduce costs and lift their competitiveness.
Editor: Ben Armour