It's Happening....
China-South Korea AEO cross recognition benefits enterprises in Ningbo
- Details
- Category: Ningbo Business
- Published: Tuesday, 01 April 2014 13:20
The other day, the General Administration of Customs announced that from April 1, 2014, AEO cross recognition be in effect with the customs of South Korea. This practice will benefit 77 AA-class enterprises in Ningbo in that they can enjoy the convenient customs procedures of the customs of South Korea.
The AEO cross recognition means that in the bilateral trade between the AA-class Chinese enterprises and the AEO enterprises of South Korea should be privileged by the convenient customs procedures of China and South Korea. According to the agreement, the convenient customs procedures include: reduction of examination of imported goods, simplified documentation examination of imported goods, simplified customs clearance for imported goods, and the mechanism of coordinates.
So far, the China and South AEO cross recognition has be practiced for some foreign trade enterprises and this practice shortens the time for the customs procedures by 67%.
