Source-This post on Authorised Economic Operator (AEO) programme is based on the article “Centre accords AEO status to gem and jewellery sector” published in “The Hindu” on 28th March 2024.
Why in the News?
The Gem & Jewellery Export Promotion Council (GJEPC) stated that the government has granted Authorised Economic Operator (AEO) status to the gem and jewellery sector.
About Authorised Economic Operator (AEO) programme
1. About (AEO) programme: It is an voluntary compliance programme which was introduced in 2011 as a pilot project by the Customs department.
2. Function under: The AEO programme is under the World Customs Organisation (WCO) SAFE Framework of Standards to secure and facilitate global trade.
3. Aim: The aim is to enhance international supply chain security and facilitate movement of legitimate goods.
4. How this programme works: Under this programme, an entity engaged in international trade is approved by the Customs as compliant with supply chain security standards, and granted AEO status and certain benefits.
5. Features:
a) It aligns with WTO Trade Facilitation Agreement: India’s AEO Programme aligns with the commitments outlined in WTO Trade Facilitation Agreement.
b) It bolsters and streamlines cargo security: The program empowers Indian Customs to bolster and streamline cargo security by closely collaborating with key stakeholders in the international supply chain, including importers, exporters, logistics providers, custodians or terminal operators, custom brokers, and warehouse operators, as stated by the Central Board of Indirect Taxes (CBIC).
c) It contributes to enhance the business environment: It aimed at improving the business environment by simplifying export processes across various sectors, resulting in significant time and cost savings for exporters.
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