Chinese and Swiss customs have started mutual recognition of AEO, or authorized economic operator, on September 1.
AEO is an important system of the FrameworkofStandardsto Secure and FacilitateGlobal Trade issued by the World Customs Organization to maintain the security of global trade and facilitate the customs clearance of certified export-import enterprises.
The mutual AEO recognition between the customs agencies of the two countries can greatly reduce their trade, insurance, logistics and customs clearance costs.
Foreign trade companies in the two countries warmly welcome the move, saying it can advance bilateral trade to a higher level, bringing about win-win results.
It is estimated the customs clearance procedure for trade between the two countries can be reduced by 30 percent to 50 percent.
About 22,300 enterprises in China have trade business ties with Switzerland, among which 1,000 have obtained AEO certification, and their trade volume accounts for about 20 percent of the total bilateral trade.
Cai Fangcai, commercial councilor at China's embassy in Switzerland, said that AEO enterprises have a pass in international trade, and they enjoy high credibility and competitiveness in the market. Winning the certificate is conducive to the enterprises' going out.
"More high-tech Chinese enterprises and financial institutes will enter the Swiss market, and the structure of the bilateral trade will be improved, and cooperation fields expanded," Cai added.
In the first half of this year, bilateral trade hit US$18.22 billion, up 18.9 percent year-on-year.