Law360, New York (May 04, 2012, 2:44 PM ET) -- The European Union and the U.S. signed a deal on Friday that will recognize each other's "safe traders," which will allow certain import and export companies to enjoy reduced administrative procedures for customs clearance.
The agreement also aims to improve security on imports and exports by enabling customs officials to focus their attention on areas of important concern, according to the European Commission.
"At a time when businesses need all the support they can get, this will make life easier and cheaper for many trans-Atlantic traders,"...
EU, US Agree To Improve Customs Process For 'Safe Traders'
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