New Delhi: India and Japan have agreed on a plan to mutually recognize trade facilitation schemes offered by each of the nations in a bid to support businesses in both countries and facilitate bilateral trade.
New Delhi: India and Japan have agreed on a plan to mutually recognize trade facilitation schemes offered by each of the nations in a bid to support businesses in both countries and facilitate bilateral trade.
The Central Board of Excise and Customs (CBIC) said on Saturday it had signed a joint action plan with Japan’s customs authorities at a meeting in Brussels. The action plan sets out the “roadmap to enter into a Mutual Recognition Agreement (MRA) for Authorized Economic Operators (AEOs) of both countries in the near future,” CBIC said in a social media post.
The Central Board of Excise and Customs (CBIC) said on Saturday it had signed a joint action plan with Japan’s customs authorities at a meeting in Brussels. The action plan sets out the “roadmap to enter into a Mutual Recognition Agreement (MRA) for Authorized Economic Operators (AEOs) of both countries in the near future,” CBIC said in a social media post.
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The agreement was signed on the sidelines of a meeting of the Customs Cooperation Council of the World Customs Organization (WCO).
“The MRA has the potential to give a major boost to India-Japan trade” and enhance opportunities for the industry at both ends, CBIC said.
The Mint reported on June 8 that India is actively seeking to reach agreements with the United Arab Emirates, Australia, Russia, Japan and the East African Community under which valuable trade privileges granted to trusted exporters, importers and logistics players in one country will be honored by the other country.
AEO is a key scheme intended to make it easier to conduct business. Entering into these Mutual Recognition Agreements (MRAs) has several benefits for India.
The privileges that accredited merchants and companies get under India’s AEO scheme (faster clearance of shipments at ports, lower inspection fee, faster tax refunds, ease of deferred payment of duties and acceptance of self-declaration of origin of the goods) will be available for in the country by signing an MRA with India. In addition, AEO accredited Indian export partners in other countries will also get these benefits.
India has granted AEO status to nearly 5,600 business participants (importers, exporters, logistics providers, customs brokers, and warehouse operators) as they comply with supply chain standards and security regulations.
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