Photo: Aduana de Iquique By: Pablo Trincado Source: Flickr
A customs agreement for authorized economic operator (AEO) status signed between China and Chile came into force on October 8. According to the Chinese General Administration of Customs (GAC), this is the first mutual recognition with China officially implemented in South America. The AEO system, initiated by the World Customs Organization, is designed to facilitate customs clearance for companies with outstanding records in terms of legal compliance, credit rating, and safety.
This type of agreement allows companies obtaining AEO status to enjoy simplified customs procedures, such as reduced examination and priority clearance, which will significantly shorten customs clearance time and reduce costs at ports, as well as insurance and logistics expenses. Chile is China's second-largest trading partner in South America. Trade volume between the two countries totaled US$42.19 billion in the first eight months of the year, a year-on-year increase of 50.1 percent, according to customs data.
Lead story:
El Mostrador. (2021). Entró en vigor el acuerdo aduanero con China: medida reducirá los costos en puertos, seguros y logística.
Additional sources:
Xinhua. (2021). China y Chile implementan acuerdo aduanero de OEA.
