China and Russia signed an Authorized Economic Operator (AEO) Mutual Recognition Arrangement on Friday in order to better facilitate their customs cooperations and trade relations, according to China's General Administration of Customs.

The AEO system, initiated by the World Customs Organization, is designed to facilitate customs clearances for enterprises deemed to have a high level of law compliance, credit status and safety.

Companies will enjoy simplified customs procedures, such as reduced examination and prioritized clearance, when they export products to the other country under the agreement.

The agreement between China and Russia is set to further facilitate the security and efficiency of supply chains between the two countries and create a safer and more convenient environment for them in consolidating the foundations of energy cooperation and continued growth of trade and investment.

Read more: Xi calls on China, Russia to strengthen cooperation in energy

China-Russia bilateral trade turnover in 2021 grew by 35.9 percent year on year, reaching $146.8 billion, exceeding the threshold of $140 million for the first time, the Chinese Ministry of Commerce said at a news briefing last month.

China has been Russia's top trading partner for 12 consecutive years, official data showed.

As Russia is an important member of the Eurasian Economic Union, the mutual recognition of the China-Russian AEO will help improve the level of economic and trade cooperation between China and the union.

China has signed AEO mutual recognition agreements with 22 economies so far, including Singapore, the European Union and South Africa. China has signed the most AEO mutual recognition agreements in the world, spanning 48 countries and regions.