Taxation and Customs Union
Customs: EU and China sign landmark mutual recognition agreement and intensify their customs cooperation
EU and Chinese trusted traders will enjoy lower costs, simplified procedures and greater predictability in their activities, thanks to a mutual recognition agreement signed today. Under the agreement, the EU and China commit to recognising each other's certified safe traders, thereby allowing these companies to benefit from faster controls and reduced administration for customs clearance. Mutual recognition of trusted traders also allows customs to focus their resources on real risk areas, thereby improving supply chain security on both sides. The EU is the first trading partner to enter into such an agreement with China, having already signed similar deals with the USA (2012) and Japan (2011). EU Commissioner for Taxation and Customs, Algirdas Šemeta, was at the Joint Customs Cooperation Committee (JCCC) meeting in Beijing, for the signing of the agreement.
Commissioner Šemeta visits China, Hong Kong and Macau to discuss customs cooperation, trade facilitation, and tackling tax evasion
Algirdas Šemeta, EU Commissioner for Taxation, Customs, Anti-fraud, Statistics and Audit, will be in Asia from 14-17 May.
Extracts from the press conference:
The EU's Finance Ministers have today backed measures that will reinforce the protection of the euro and other currencies through criminal law measures. New measures will include tougher sanctions for criminals and improved tools for cross-border investigation. The directive was backed by the European Parliament on 16 April 2014 and is expected to enter into force in June 2014.