The trade pact will allow U.S. and EU customs agencies to focus their attention on less trusted shippers, according to the European Commission. The trade pact between the U.S. and EU, which traded roughly $656.2bn in 2011, takes effect July 1.

"Today's agreement is a major step forward in the EU-U.S. trade relationship. At a time when businesses need all the support they can get, this will make life easier and cheaper for many trans-Atlantic 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 EU Commissioner Algirdas Semeta.

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Keywords: Legal, Govt. & Regulatory Issues, Global Supply Chain Management, Transportation & Distribution, Ocean Transportation, Air Cargo, Logistics, The United States, Europe, US Customs Compliance, EU-US Commerce