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
Nepali Prime Minister KP Sharma Oli on Wednesday highlighted the importance of stronger business ties with China at the Nepal-China Business Forum in Beijing, calling for joint efforts of the business community from both sides to achieve mutual benefit.
Oli is in China for a four-day official visit, during which he met with Chinese President Xi Jinping and Premier Li Qiang on Tuesday.
On Wednesday afternoon, he delivered a keynote speech at the forum, in which he spoke highly of the close relationship between the two nations.
"We are not only linked by mountains and rivers, but we are also connected by culture and situation on economic relations, respect for sovereign equality, territory integrity, political independence as well as mutual trust," said the prime minister.
Oli also encouraged businesses from both countries to deepen cooperation.
"I encourage the business community from both countries to work together for mutual benefit. Your increased collaboration and partnership will contribute to further enhancing our economic cooperation. I believe the private sector is the real engine of economic growth and prosperity," he said.
India, as Nepal's largest trading partner, accounts for two-thirds of Nepal's international trade, whereas China, as the second largest, now accounts for about 14 percent. Nine agreements have been signed between China and Nepal, with some of them focusing on enhancing business ties.
According to some participants in the forum, there is still much room for the two countries to expand cooperation in trade and investment.
"Our export is very much low, if we compare with the lot of import from China. So we need to export more items to China. Border connectivity also needs to be improved [more] than what we already have," said Chandra Prasad Dhakal, president of the Federation of Nepalese Chambers of Commerce and Industry.
"From January to September this year, the trade volume between China and Nepal reached 1.58 billion U.S. dollars, marking an 8.7-percent year-on-year increase, showcasing the great potential of bilateral economic and trade cooperation," said Zhang Shaogang, vice chairman of the China Council for the Promotion of International Trade.
Nepali prime minister stresses importance of stronger business ties with China
