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TheStreet Open House

Pantos Logistics Wins The AEO's Highest Rating "AA" In China





SEOUL, South Korea, March 11, 2013 /PRNewswire/ -- As a global logistics business operating a total of 164 logistics networks in 39 countries, Pantos Logistics ( www.fnsusa.com) reported that its local branch in Shanghai won the AEO (Authorized Economic Operator) program's highest rating of "AA" from the Chinese Customs Authorities. Pantos Logistics is now internationally acknowledged for its excellence in trade safety management systems.

As the international standard designed by the World Customs Organization to accommodate trade-related safety measures, which were reinforced following the 9/11 terror in the United States, the AEO Program certifies that a business has met certain standards in relation to their security, management systems, compliance with customs rules, and ongoing solvency. Customs Authorities in each country provide benefits in customs administration -- including simplified customs clearance procedure -- to businesses that have acquired the certification. Chinese Customs Authorities operate the AEO program under the Customs Authorities' Methods of Classification and Management of Businesses. At present, they are using five grades in the classification of businesses.  

With the certification, Pantos Logistics will be able to enjoy benefits in customs administration in China such as simplification of the documents required for customs clearance, reduction of list of items subject to inspection, speedy customs clearance, etc. And the Company will enjoy more business advantages through the certified reliability in logistics operation. 

The certification will also enable the Company to obtain diverse positive effects, including time and expense savings in customs clearance, in connection with the customs authorities in countries that have signed an agreement with China for the mutual recognition of the AEO program. Pantos Logistics acquired the same AEO certification in Germany and the Netherlands in 2011 and in Poland in 2012. 

Pantos Logistics operates a network of logistics operation (air/ocean/railroad, customs clearance, overland transportation, warehouse, international special delivery, etc.) covering more than 30 cities in China including Beijing, Tianjin, Qingdao, Yantai, Nanjing, Hong Kong, Shenzhen, and Guangzhou and regional headquarters in Shanghai. The Company has received the Exemplary Business Award from Shanghai City for eight years in a row since 2004.

 

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