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China and Costa Rica have signed an agreement allowing for the mutual recognition of their customs clearance systems, which came into effect on July 1.

The agreement will provide benefits such as lower inspection rates, priority inspections, designated customs coordinators, and priority clearance for goods exported by companies recognized as Authorized Economic Operators (AEO) by both countries.

Zhao Chunjie, the purchasing manager of China Jushi Group Co Ltd in Jiaxing, expressed his excitement about the agreement. Trade between the two sides will be more convenient, the company's costs will be reduced, and the market competitiveness of the company's products will inevitably increase, said Zhao.

China Jushi Group Co Ltd is one of the companies recognized as an AEO by both countries.

Since the beginning of this year, the company has expanded its foreign trade partners to the Latin American market and saw more customers in Costa Rica. Products such as fiberglass chopped strand mat are seeing increasing exports to Costa Rica. Although overall exports to Costa Rica remain small, the potential market is immense, added Zhao.

According to statistics from Jiaxing Customs, the city's exports to Costa Rica amounted to nearly 186 million yuan ($25.68 million) so far this year. Nearly half of Jiaxing's 24 AEO companies have carried out trade and cooperation with Costa Rica.

The mutual recognition between the two countries is expected to benefit Jiaxing's import and export enterprises.