Compliant firms to get fast customs clearance

Compliant firms to get fast customs clearance
In Bangladesh Customs authorities are set to provide compliant and trusted businesses a status that would help them fast-track their import and export consignments under a dedicated channel, officials said. The Authorised Economic Operator (AEO) status will give scope to trustworthy firms to bring import consignments to their factory premises with minimal checks at ports, said a senior official of the National Board of Revenue. Likewise, exporters with the status of AEO will be able to ship their consignments in the fastest possible time.

The AEO programme is expected to kick off on a pilot basis by December and on a full-fledged basis from next year. AEO status is an internationally recognised quality mark that indicates the business’s role in the international supply chain to be secure, and that their customs controls and procedures are efficient and compliant. The World Customs Organisation has introduced the system with the view to enhancing the security of the international supply chain and facilitating faster trade.

Manufacturers, importers, exporters, carriers, clearing and forwarding agents, warehouse keepers and distributors will be eligible for the status subject to fulfilling some conditions. Businesses must have good compliance records, proper management of commercial records, financial viability and capacity to ensure security of cargoes on its premises and throughout the supply chain.They must also have human resources with knowledge on AEO to qualify for the status, according to the NBR official.

The rules and other criteria for selection of AEOs will be framed in light of the experience of the pilot scheme. Most importantly, if a country has mutual recognition arrangements with other countries, its AEOs will enjoy similar benefits in those countries.

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