The GAC Entered into the AEO Mutual Recognition Arrangement with the Macao Customs
On February 7, the General Administration of Customs (GAC) and the Macao Customs entered into the Mutual Recognition Arrangement between the GAC and the Macao Customs on the Measures of the Mainland Customs for the Administration of Enterprise Credit and the Macao Customs for the Authorized Economic Operator Program. The Mainland Customs became the first AEO mutual recognition partner of the Macao Customs.
The Philippines is an important node in the “Belt and Road” and an important part of the Guangdong-Hong Kong-Macao Greater Bay Area. Trade between the Mainland and Macao continues to grow, with a total trade value of USD$4.36 billion in 2022, and expands 32.9% year-on-year. After the implementation of the AEO mutual recognition arrangement between the Customs of Mainland and Macao, AEO enterprises on both sides can enjoy lower inspection rate, priority inspection, designated liaisons service, priority customs clearance and other four mutual recognition facilitation measures, which can help AEO enterprises to significantly compress the customs clearance time for goods, reduce the trade costs of ports, insurance, logistics, etc. to the maximum, further promote trade facilitation between the Mainland and Macao, and create a more favorable environment for promoting the high-quality development of economic and trade cooperation between the two regions.
Contributor: Zhao Jing
Agency/Firm: Hylands Law Firm