Topics Covered: Effect of policies and politics of developed and developing countries on India’s interests, Indian diaspora.
Authorised Economic Operators Programme:
Context:
The Central Board of Indirect Taxes & Customs (CBIC) has inaugurated the online filing of Authorised Economic Operators (AEO).
- The new version (V 2.0) of the web application is designed to ensure continuous real-time and digital monitoring of physically filed applications for timely intervention and expedience.
Authorised Economic Operator (AEO) Programme:
- AEO is a programme under the aegis of the World Customs Organization (WCO) SAFE Framework of Standards to secure and facilitate Global Trade.
- The programme aims to enhance international supply chain security and facilitate movement of legitimate goods.
- AEO is a voluntary compliance programme.
How it works?
Under this programme, an entity engaged in international trade is approved by Customs as compliant with supply chain security standards and granted AEO status & certain benefits.
- Benefits of AEO status include expedited clearance times, fewer examinations, improved security and communication between supply chain partners.
SAFE Framework:
In June 2005 the WCO Council adopted the Framework of Standards to Secure and Facilitate Global Trade (SAFE Framework) that would act as a deterrent to international terrorism, to secure revenue collections and to promote trade facilitation worldwide.
- It prescribes baseline standards that have been tested and are working well around the globe.
Insta Curious:
Did you know that Central Revenues Control Laboratory gets recognised as a Regional Customs Laboratory (RCL) of the World Customs Organisation for Asia-Pacific Region? Read more about this,
InstaLinks:
Prelims Link:
- About SAFE Framework.
- About WCO.
- AEO Programme.
- Key features.
Mains Link:
Discuss the significance of the AEO Programme.
Sources: PIB.
