DONGYING, China--(BUSINESS WIRE)--Kerui Petroleum is proud to announce that the company has been qualified by the Authorized Economic Operator (AEO) Program of the World Customs Organization (WCO), to become one of China’s first AEO-certified members. Meanwhile, China’s first Customs Inspection Station for petroleum equipment set up at Kerui also passed evaluation to come into operation on December 13, 2016.
AEO is an enterprise grading certification system initiated by WCO to support secure and smooth global trade. AEO-certified members enjoy such benefits as a lower frequency of security inspections, precedence for inspection, simplified documentation verification for imported goods and precedence for customs clearance. In case an international trade is interrupted, the AEO-certified members will still enjoy priority for inspection and expedited customs clearance.
As an AEO-certified member, Kerui Petroleum will not only have a designated coordinator from the General Administration of Customs of China (GACC), but also be entitled with priority customs clearance services and can even enjoy customs clearance convenience at other AEO-certified Customs in countries and regions that have mutual recognition with China. Meanwhile, the Customs Inspection Station will serve as an “onshore gateway” to overseas markets, benefiting Kerui Petroleum and even the whole petroleum equipment industry in Shandong Province. The Station will not only greatly improve the efficiency of inbound/outbound logistics of equipment, but also greatly reduce the logistics costs. For example, the clearance time for a container can be reduced from three days to just one day, and the cost can be reduced by around 30%.
The AEO certification and the Customs Inspection Station provide a new concept and a new model for China’s petroleum equipment industry and heavy equipment import & export industry. Moreover, combining the strength of Kerui and public logistics services, it will be a strong support for Kerui Petroleum to expand its cross-border e-commerce business.