NEW DELHI: AEO programme of Central Board of Indirect Taxes and Customs (CBIC) is setting new standards in Trade Facilitation. In fact more than 3000 entities have been accredited as AEOs (Authorized Economic Operators) by CBIC till 15th March 2019. Besides entitlement to simplified procedures, the programme is leading to the substantial cost savings for accreditation holders.
An Authorized Economic Operator (AEO) is defined by the WCO SAFE Framework of Standards as a party involved in the international movement of goods, in whatever function, that has been approved by, or on behalf of, a national Customs administration as complying with WCO or equivalent supply chain security standards.
AEOs include inter alia manufacturers, importers, exporters, brokers, carriers, consolidators, intermediaries, ports, airports, terminal operators, integrated operators, warehouses and distributors.
The benefits of being an AEO include fewer inspections and priority treatment for inspections, mutual recognition with foreign AEO programmes, reduced security and guarantee requirements, expedited release and pre-clearance, simplified procedures, priority treatment in emergency situations, etc.
