CBIC Chairman and Russian Customs Deputy Head Sign AEO Mutual Recognition Pact
With close to 5,000 AEO entities, it showcases the strong partnership between businesses and Indian Customs, bolstering supply chain safety.
CBIC Chairman – Russian Customs Deputy Head Sign AEO – TAXSCAN
CBIC Chairman – Russian Customs Deputy Head Sign AEO – TAXSCAN
India and Russia have inked the Authorised Economic Operator ( AEO ) Mutual Recognition Agreement on 15th May 2024. The Chairman of central Board of Indirect Taxes and Customs ( CBIC ) Mr. Sanjay Kumar Agarwal and Mr. Ruslan Davydov, the First Deputy Head of the Federal Customs Service, Russia has signed the mutual recognition agreement.
The CBIC in its official ‘X’ account has tweeted that “Sh. Sanjay Kumar Agarwal, Chairman CBIC and Mr. Ruslan Davydov, the First Deputy Head of the Federal Customs Service, Russia signed the Authorized Economic Operator (AEO) Mutual Recognition Agreement.
AEO agreement is a major trade facilitation boost for Indian importers and exporters. Sh Surjit Bhujabal, Special Secretary & Member (Customs) and other senior officers of CBIC were present in the ceremony.”
The AEO Programme was introduced as a pilot project in 2011 vide Circular No. 37/2011- Customs dated 23rd August, 2011. The same was amended and the revised final AEO programme was introduced vide Circular No. 28/2012 dated 16.11.2012.
Presently, with a membership of nearly 5,000 AEO entities, it stands as a testament to the active collaboration between these economic entities and Indian Customs, aimed at fortifying the safety and security of the supply chain.
The AEO programme empowers Customs authorities to distinguish secure and compliant business entities, affording them enhanced facilitation. By employing a segmentation strategy, Customs can allocate resources effectively, prioritising oversight on businesses deemed less compliant or higher risk.
The primary objective of the AEO programme is to empower the security of the international supply chain by acknowledging trustworthy operators and fostering best practices across all tiers of the global trade network. Through this collaborative initiative, Customs delegates responsibility to businesses while incentivizing them with a host of supplementary benefits.
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