HAIKOU /China/, August 25. /TASS/. The sum of foreign trade operations of Authorised Economic Operators (AEO) of Hainan Province in January-July reached 42.6 billion yuan (about $6 billion at the current exchange rate), Hainan Daily reported.
According to the paper, a subsidiary of China Duty Free (CDF) Group in Haikou, which operates the local international duty-free complex, recently obtained AEO status. It is the second CDF business unit to be approved in Hainan.
According to the management of CDF Haikou, the AEO certificate will allow the company to significantly speed up the delivery of foreign goods and expand trade turnover. This document is recognized by the World Customs Organization and means that the company complies with laws and regulations, is creditworthy and provides a high level of security.
The authors of the publication note that the AEO is the "gold standard" in international trade. According to official statistics, the number of Hainan companies with this status has increased by about 37% to 89 organizations since the beginning of 2024. They account for 27% of the province's foreign trade, although they represent only 0.13% of the number of companies registered with local customs.
An AEO is a company that is entitled to customs clearance under a simplified procedure. In February 2022 Russia and the People's Republic of China signed a protocol on mutual recognition of this status.