News

June 11, 2019

China-Japan AEO agreement comes into force

The China-Japan agreement on mutual Authorized Economic Operator (AEO) status went into effect on June 1 to further promote trade facilitation.

Under the agreement, altogether 1,752 Chinese enterprises are now eligible for preferential and simplified customs clearance measures. Exports from these enterprises to Japan accounted for 24 percent of the total export value from China to Japan last year,

Last year, foreign trade between China and Japan reached US$327.66 billion, up 8.1 percent from the previous year.

Japan is the fourth biggest trade partner of the Shanghai customs region. In the first quarter, foreign trade value between Shanghai and Japan increased 0.3 percent year-on-year to 148.44 billion yuan (US$21.45 billion).

Shanghai Ricoh Digital Equipment Co Ltd, an AEO firm, said that the company has enjoyed preferential measures such as a relatively low customs check ratio of 0.41 percent.

Next, China will hold further negotiations with Russia, Malaysia, the United Arab Emirates, Iran and other important trade partners on AEO mutual recognition.