Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 5/16/2014

China - Customs cooperation agreement with EU; trusted trader recognition 

May 16:  Representatives of China and the European Union (EU) today signed a mutual recognition agreement and agreed to greater customs cooperation.

According to an EU release, both Chinese and EU “trusted traders” will enjoy lower costs, simplified procedures, and greater predictability in their activities under the mutual recognition agreement.


With this agreement, China and the EU agreed to recognize each other's certified safe traders, thereby allowing these companies to benefit from faster controls and reduced administration for customs clearance.


The EU is the first trading partner to enter into such an agreement with China, having already signed similar agreements with the United States (2012) and Japan (2011).


Two other initiatives also signed today are:


  • A strategic framework for customs cooperation
  • An EU-China action plan on intellectual property rights (IPR)



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