Israel, China to boost trade with new tax agreement
Trade between Israel and China last year stood at $11 billion, with about $2.7 billion of that consisting of exports from Israel to China.
By NIV ELISPrime Minister Benjamin Netanyahu meets with Chinese and Israeli businessmen.(photo credit: AVI OHAYON - GPO)
Israel and China on Wednesday signed a roadmap agreement laying out policies that are expected to significantly boost trade.The Authorized Economic Operator (AEO) agreement simplifies the customs approval procedure, settling on a recognized standard set of rules.Once the final agreement is signed, approved Israeli companies will be able to take a “bureaucratic shortcut” for their exports, getting an expedited approval process and having to deal with fewer logistical hurdles.“The mutual recognition program streamlines and simplifies trade between two countries, in this case between Israel and China, while maintaining a high level of enforcement,” Israel Tax Authority director Moshe Asher said.“The relief granted to members of the trade community due to their participation in the program is expressed through saving time and money, which is of beneficial interest in Israeli companies, exporters and importers and makes them more attractive to global trade market,” he said.Trade between Israel and China last year totaled $11 billion, with about $2.7b. of that consisting of exports from Israel to China.Since Israel launched its AEO program in 2010, it has signed similar agreements with the United States, Taiwan, South Korea and Canada, and about 100 operators have submitted requests for AEO approval.
