Brussels and Washington have signed an agreement to
recognise each other’s authorised traders, a top EU official announced on
Friday 4 May. The move is aimed at facilitating customs procedures between the
two sides, with the goal of increasing bilateral trade and creating jobs.
Starting on 1 July 2012, the two sides will
formally recognise each other’s so-called safe traders, a move that will
subject certified companies to faster controls and reduced administration for
customs clearance. To date, Brussels has authorised 5,000 companies as
Authorized Economic Operators (AEOs); Washington, for its part, has certified
10,000 companies under the US Customs-Trade Partnership against Terrorism
(C-TPAT).
According to the European Commission, the deal will
allow EU- and US-certified traders to “enjoy lower costs, simplified
procedures, and greater predictability in their transatlantic activities.”
Switzerland, Norway, and Japan already have similar
reciprocal agreements with Brussels, which is also exploring the possibility of
a mutual recognition accord with China.
Brussels and Washington are also looking at
extending mutual recognition in other areas, Šemeta
told US congressional newspaper The Hill. “We’re working now in the area of
maritime transport, in air cargo security, and several other areas where I think
that if we agree to mutually recognise our systems, that will significantly
facilitate our trade and will lead to growth in jobs, which we badly need.”
Late last year, leaders from both trading partners
agreed to examine various options - including the possibility of launching
bilateral trade talks - in order to strengthen the US-EU trade and investment
relationship. Bilateral trade between the two sides amounted to €500 billion in
2011, according to European Commission statistics.
Back in February, the two sides also clinched a
deal on recognising each other’s certificates for organic agriculture products
- a decision that officials acknowledged as a “significant step” in
strengthening trade ties between Brussels and Washington.