Global AEO Conference opens in Shenzhen to explore inclusive trade system

The sixth World Customs Organization (WCO) Global Authorized Economic Operator (AEO) Conference opened in Shenzhen City of south China's Guangdong Province on Wednesday, gathering over 1,200 officials and representatives from more than 100 countries and regions for a more inclusive and sustainable global trade system.

The AEO system is a certification system advocated by the WCO that provides preferential treatment to enterprises with high credit status, law-abiding and safety levels.

The Global AEO Conference is the highest-level global conference in the field and is regarded as the largest capacity building activity of the WCO.

The three-day conference is themed on "Harnessing the Power of AEO Programs for Inclusive and Sustainable Global Trade", and gathers over 1,200 officials and representatives from various government departments, international organizations, business and academia.

The conference is being held in China for the first time, showcasing the country's growing potency in the global trade system, according to WCO officials.

"Because the AEO program is in fact a flagship program within the framework for trade facilitation that the WCO has established. China is an important player in the world of global trade, and China is also one of the most successful countries in the implementation of AEO program. So, it is quite fitting that China is hosting the sixth WCO Global AEO Conference," said Edward Kieswetter, chairperson of the WCO Council.

By the end of March of this year, China has signed AEO mutual recognition agreements with 26 economies, covering 52 countries and regions, including 35 Belt and Road partners, with the number of mutual recognition arrangements (agreements) signed and the number of mutual recognition countries and regions ranking first in the world.

Global AEO Conference opens in Shenzhen to explore inclusive trade system

The European Central Bank (ECB) announced on Thursday that it would slash key interest rates by 25 basis points in a bid to wind down the restrictive monetary policy.

Effective from March 12, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 2.50 percent, 2.65 percent and 2.90 percent respectively, said the central bank in a statement.

The disinflation process is well on track, with headline inflation averaging 2.3 percent in 2025, 1.9 percent in 2026 and 2.0 percent in 2027, the ECB said.

The decision to keep on cutting rates came at a time when the economy in the eurozone is facing increasing uncertainties.

In its latest edition of the staff projections on Thursday, the ECB lowered its forecast for economic growth in the eurozone to 0.9 percent for 2025, 1.2 percent for 2026 and 1.3 percent for 2027.

This marks a downward revision from the ECB's forecast in December last year, which had projected 1.1 percent growth in 2025 and 1.4 percent in 2026, while the 2027 outlook remains unchanged.

The ECB attributed the weaker growth outlook for 2025 and 2026 to declining exports and sluggish investment, citing high trade policy uncertainty and broader economic instability as key factors.

ECB cuts interest rates by 25 basis points