Congrats to the latest results of Belt and Road! \o/
On July 24, 2019, under the witness of President Xi Jinping and Crown Prince Abu Dhabi Muhammad of the United Arab Emirates, China and the United Arab Emirates formally signed an AEO mutual recognition arrangement.
AEO, the Authorized Economic Operator, which means that in accordance with internationally accepted rules, the Customs is accredited to enterprises with good credit status, law-abiding and safety management, and provides convenience of customs clearance to enterprises that have passed certification. After the mutual recognition of the customs of China and UAE, the goods of AEO enterprises can enjoy convenient treatment in customs clearance in the two countries, which can effectively reduce the trade costs of enterprises such as ports, insurance and logistics, and enhance their international competitiveness.
The United Arab Emirates is a country along the Belt And Road of China, an important trading partner of China in the Middle East, and the first country in China to achieve AEO certification in the Middle East. In the first half of 2019, the total import and export volume of China and UAE was US$22.66 billion with a year-on-year increase of 9.6%. In addition, there were as many as 878 senior certified AEO enterprises among the 36,000 Chinese-Africa export business enterprises, and their export volume accounted for the total amount of China’s exports to UAE is 23.15%.
Certified mutual recognition of AEO, which means that both parties will usher in more convenient import and export, enjoy lower document verification rate, inspection rate of imported goods, and give priority to the inspection of goods that require physical inspection. This will greatly promote the import and export economic growth of mutual recognition counties, and inject new vitality into international trade. Up to now, China Customs has achieved mutual recognition with 41 countries and regions in 14 economies including Singapore, South Korea, Hong Kong, EU, Switzerland, New Zealand, Israel, Australia, Japan, Belarus, Mongolia, Kazakhstan, Uruguay and UAE. . The export volume of Chinese AEO enterprises to these countries and regions has accounted for 38.01% of their total exports.
As one of the export business enterprises in China, GT hopes to convey the mission of “Bring worldwide new couple a fantastic wedding” to the world by bringing our good products and services to all countries and regions and contributes our own strength to the international trade economy.