A new trade agreement between the EU and the US should make imports and exports between them quicker, easier and cheaper. EU and US trusted companies will now be mutually recognized, giving them faster controls and reduced administration for customs clearance. The move will also improve security, according to the European Commission (EC), as it will allow customs to concentrate more time and resources on real risk areas.

The EC estimates that EU/US imports and exports valued around USD 500 billion last year and currently some 5,000 companies are approved as Authorized Economic Operators (AEOs) in the EU.

"Today's agreement is a major step forward in the EU-US trade relationship. At a time when businesses need all the support they can get, this will make life easier and cheaper for many transatlantic traders. It will also help to ensure that security checks on traded goods are more focused and effective, further improving the protection that customs provides for each and every citizen," said Commissioner Šemeta after the agreement was signed on May 4.

Liam Lever, liam@romania-insider.com