Shalom Life | May 30, 2015

Israel and China Boost Trade with New Tax Agreement

"The mutual recognition program streamlines and simplifies trade between two countries, while maintaining a high level of enforcement”

By: Ashley Ramnarain

Published: May 29th, 2015 in Business » World

Photo: Israel Tax Authority head Moshe Asher with China's Customs Minister Sun Yibiao

Credit: Times of Israel


Israel and China signed an agreement regarding trade policies this past Wednesday. The agreement is geared toward significantly boosting trade between the two countries.

The Authorized Economic (AEO) agreement focuses on simplifying the customs approval procedures, as well as marking a standardized set of rules. Once agreed to, many approved Israeli companies will have the benefit of a “bureaucratic shortcut” regarding exports. This means that for approved companies, exports will undergo an expedited approval process and also deal with less logistical hurdles.

According to Israel Tax Authority director Moshe Asher, "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.”

Asher continues with, “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.”

Israel, upon the launch of the AEO program in 2010, has since signed similar agreements with other countries as well. The United States, Taiwan, South Korea and Canada are also countries that have all submitted requests for AEO approval.

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