EC, China conclude customs cooperation agreement

EC, China conclude customs cooperation agreement    The European Commission has concluded a customs cooperation with China that promises to combat commercial fraud and counterfeiting.
   The agreement, signed Thursday in Brussels, will provide a framework for increased cooperation between the parties to simplify customs procedures and improve trade in accordance with international customs standards, the EC said in a statement.
   According to the EC, the agreement also sets up a mechanism for mutual administrative assistance for exchanging information and carrying out antifraud inquiries.
   “It will therefore improve the effectiveness of the fight against fraud and counterfeiting while guaranteeing protection and confidentiality of information and respecting the purpose of which the data concerned has been collected,” the EC said.
   China is the European Union’s second-largest trading partner, with bilateral trade in 2003 reaching more than $163 billion (135 billion euros).
   The EC said it negotiated the customs cooperation agreement with China based on a mandate it received from the European Union members on May 1997. The agreement is similar to other agreements concluded by the EU with the United States, Canada, South Korea, Hong Kong and India.