EU and China Sign Agreement to Recognize Trusted Traders
The European Union announced on May 16 that it signed a mutual recognition agreement with China on trusted trader programs. Under the agreement, the EU and China will recognize each other’s trusted traders, “thereby allowing these companies to benefit from…
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faster controls and reduced administration for customs clearance,” said the European Commission. The EU is the first trading partner to enter into such an agreement with China, it said. The agreement makes the EU trusted trader system the most widely accepted in the world, with the EU already having signed mutual recognition agreements with Japan in 2011 and the U.S. in 2012, said the European Commission.