Mutual Recognition: Simpler EU-US Customs Procedures for Trusted Traders

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The European Union and United States on 4 May 2012 signed an agreement to recognize one and other’s authorized traders. The agreement aims to facilitate customs procedures, increasing trade and creating jobs between the two trading partners whose bilateral trade currently stands at around €500 billion. The agreement will benefit 6,000 companies currently registered as Authorized Economic Operators (AEOs) and the 10,000 companies currently certified under the US Customs-Trade Partnership against Terrorism (C-TPAT).

What Does This Mean for Your Business

If you are already registered as an AEO and have a certificate covering security and safety or you are already certified under C-TPAT then you will soon be able to begin taking advantage of the Mutual Recognition Agreement. Implementation began on 16 July 2012 and is expected to be fully operational by January 2013 once the necessary exchanges of AEO and C-TPAT data have taken place.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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