Shanghai companies start to benefit from China-Switzerland trade agreement next month

Fifty-six companies in Shanghai will enjoy faster customs clearance services in trade with Switzerland starting next month.

Fifty-six companies in Shanghai will enjoy faster customs clearance services in trade with Switzerland starting next month as a mutual recognition agreement between China and Switzerland takes effect, the Shanghai Customs said yesterday.

Under the agreement, certificate holders in the both countries' Authorized Economic Operator programs will be entitled to reduced document checks and physical examinations, and have designated customs officials in charge of communications. Also, they will enjoy expedited clearance in case of disruption to international trade, according to the agreement.

The average time needed for clearance and the chance for cargo examination are both expected to be cut by 30 to 50 percent for qualified traders, the Shanghai customs said.

China's AEO program assesses traders' credibility and provides certificates for qualified traders based on their internal control, financial status, compliance and trade security.

The agreement covers 22,300 trading companies in China with business with Switzerland, of which 56 are in Shanghai.

In the first half months, China's trade with Switzerland rose 18.9 percent year on year to 18.22 billion yuan (US$2.72 billion), data from the General Administration of Customs showed.

That compared with China's overall foreign trade growth of 19.6 percent in the first half.

China now has AOE mutual recognition agreements with Singapore, South Korea, the European Union, and New Zealand.

Shipment to these destinations accounted for 40 percent of China's total exports.

The GAC said it is negotiating AEO mutual recognition with the US, Japan, Australia and "Belt and Road" countries such as Russia, Kazakhstan, Malaysia, Israel, and South Africa.

The authority said it aims to include 80 percent of China's exports into AEO mutual recognition by 2020.


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