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China and Switzerland apply {approved economic operator}


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China and Switzerland apply {approved economic operator}

Post by rocky on Sat Aug 12, 2017 3:43 am

China and Switzerland apply {approved economic operator}

12/8/2017 12:00 am

Reuters) - Chinese and Swiss enterprises can easily enjoy customs clearance procedures from early September.
The Chinese General Administration of Customs recently disclosed that the Chinese and Swiss Customs will implement the mutual recognition of the "Approved Economic Operator" program starting from the beginning of next September. The customs of the two sides will provide facilitation measures including the reduction of goods inspection, preferential treatment and rapid customs clearance of companies committed to the program.
An economic operator is defined as a program implemented by any party in the international trade chain, whether producer, exporter, carrier or supplier with the approval of the Customs Authority to enjoy certain benefits in order to facilitate the procedures for the release of imports and exports in return for its compliance with the terms of the program.
The cargo inspection rate is expected to decrease by 30 percent, while customs clearing time will be reduced by 50 percent after implementation of the program, which will help reduce the cost of trade for Chinese and Swiss companies.
Switzerland is the first European country to have signed and implemented a free trade agreement with China. Both sides have witnessed an intensification of economic and trade cooperation.
Bilateral trade reached 18.22 billion US dollars in the first half of 2017, according to Chinese customs statistics, up 18.9 percent year-on-year.
Besides Switzerland, China Customs has implemented the "Approved Economic Operator" program with the EU, Singapore, South Korea and New Zealand.

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