The Jiangyan Economic Development Zone – located in the Jiangyan district of Taizhou city, in East China's Jiangsu province – recently announced that two of its resident companies had received highly prized international status which is expected to slash costs and boost profits.
The zone said Taizhou Zhonglai Photoelectric Technology Co Ltd and ZYfire House Corporation had successfully applied Authorized Economic Operator, or AEO certification, marking a significant milestone in the zone.
AEO system is introduced by the World Customs Organization to enhance trade security and commerce through much closer collaboration between customs services and home and abroad and the business community. Enterprises recognized as AEO business entities by Chinese customs enjoy benefits such as reduced inspection rates, exemptions from certain requirements, coupled with streamlined inspections and verification procedures.
Taizhou Zhonglai Photoelectric Technology Co Ltd kickstarted its AEO certification process in August 2023. It completed the six major stages within four months, making significant improvements in internal controls, supply chain security and in other key operational areas.
AEO status enables the company to benefit from nearly 50 preferential measures and streamlined procedures from a slew of government ministries in 49 countries, significantly boosting its international competitiveness.
ZYfire House Corporation began preparing for AEO certification in July 2023. It organized internal audits and standards training – enhancing import and export management capabilities and improving employee business skills and compliance awareness.
The company says it aims to uphold high standards in trade management, expand into global markets and become a model enterprise for international AEO mutual recognition – contributing to the high-quality development of its regional economy and society.