The Changsha Customs announced on December 1 that China Customs signed Authorized Economic Operator (AEO) Mutual Recognition Arrangement with Australian Customs recently. The move will enhance foreign trade facilitation and competitiveness of Hunan enterprises and increase Hunan’s imports and exports to Australia.
At present, China Customs has achieved AEO mutual recognition with 35 countries and regions. Statistics show that Chinese AEO enterprises’ clearance efficiency has increased by 50% and their clearance costs has reduced by 50% when exporting goods to these countries and regions.
Australia is an important trade partner of Hunan. From January to October, there have been 688 Hunan firms trading with Australia, with import-export value totaling7.65 billion yuan. Major imports from Australia are coal, agricultural products, meat and offal, cereals, mechanical and electrical products. Major exports from China are mechanical and electrical products, clothing and accessories, and porcelain.