Sino-Swiss trade paperwork cut under new pact

Chinese and Swiss customs approved the mutual authentication of Authorized Economic Operators (AEO) by both countries, which will streamline trade, media reported on Thursday.

An AEO is a party involved in the international movement of goods in whatever function that has been approved by a national customs administration as complying with World Customs Organization supply chain security standards.

The two nations' agreement to recognize each others' AEOs means the average clearance time will be cut up to 50 percent, the Xinhua News Agency reported.

In the first half of 2017, trade volume between China and Switzerland reached $18.22 billion, up 18.9 percent year-on-year, said the report.

China's General Administration of Customs is working on mutual AEO authentication deals with other countries and regions including the US, Japan, Australia, as well as more countries and regions along the route of the Belt and Road initiative.