Promoting the figure of Authorized Economic Operator (AEO)
According to the press release published by the Spanish Tax Authorities, on April 28 was held the Second Global Conference of the World Customs Organization (WCO) on the Authorized Economic Operator (AEO).
The Conference is mainly looking to boost this figure after the Trade Facilitation Agreement approved last December by the World Trade Organization, especially considering the important role that this would mean for short and medium companies accessing to the status of AEO.
The AEO is a status that allows operators of foreign trade be regarded as safe and reliable for the other members of the supply chain of goods, throughout the EU and in the territories that have the mutual recognition mechanism operator. This status leads to reduced physical and documentary checks before Customs Authorities, as well as the simplification of customs declarations and procedures and, therefore, an improvement in the competitiveness of the operator.
This status can be achieved by private individuals or companies performing professional activities covered by customs legislation, provided that they are established in the EU and meet the requirements of the customs legislation, administrative management, financial soundness, safety and security.
Currently the EU has mutual recognition agreements with five countries (USA, Japan, Switzerland, Norway and Andorra) and intending to sign another agreement with China in June.
These agreements provide greater legal certainty in trade with these territories.
Should you wish to learn more about the figure of AEO, please contact us at firstname.lastname@example.org