Latest news with #AuthorisedEconomicOperator
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Business Standard
6 days ago
- Business
- Business Standard
Best of BS Opinion: India could face trade and investment challenges
Hello and welcome to BS Views, our newsletter that is your window into today's opinion page. Our lead editorial today looks at the chaos that President Donald Trump's tariff threats have unleashed upon the global trade order, and how they might impact India's trade and investment. The Reserve Bank of India's 'Financial Stability Report' cautions that growing trade disruption and geopolitical tensions can negatively affect India's domestic growth outlook. India's trade deal could have consequences for multiple tradeable sectors' growth. US policies could also affect global capital flows, impacting investments and that could have a deleterious effect on India's current account standing. The good news is that domestic economic parameters are holding steady, even improving, but any more global shocks could constrain a revival of investment. India has made notable improvements in its logistics ecosystem, driven by advancements in port infrastructure, multimodal connectivity, digital integration, and a renewed emphasis on trade facilitation, notes our second editorial, reading from the World Bank's recent report on country-wise performance. Trade-facilitation reforms, including digitisation, pre-arrival processing, and the Authorised Economic Operator (Aeo) programme, are steadily reducing average release times (ARTs), especially for imports. Exports, though, face longer clearance times. Given that logistics costs in India are 14-18 per cent of gross domestic product, much higher than the global benchmark of 8 per cent, further reforms are needed for India to become a reliable export hub and an attractive destination for global manufacturing. Our first columnist Laveesh Bhandari ponders the use of artificial intelligence to cut through the Gordian knots of governance. He argues that given AI's speed, if used for research, many tasks can be completed in a few weeks or days, perhaps even less. Besides, considering the information and intellectual gap between the top and bottom levels of government, AI can empower lower-level officials to enhance the ability of the higher-ups. India also has a unique opportunity that many others do not in the form of Digital Public Infrastructure, which has access to granular data and thus can be used for decision-making. However, challenges exist in the form of AI's hallucination, inherent reasoning biases, and unevolved ethical and moral core. And given that many governmental decisions only have smaller impacts individually, the human-AI interface needs to be different depending upon the scale of the potential impact. Thus, frequency and impact should be two key dimensions to assess AI, he says, and that by unpacking the problem we can better identify how AI should be used and derive the consequent benefits. The world, and India, is facing a demographic time-bomb in more ways than one. Not only will there be hundreds of millions looking for active work, there will also be millions more who will need caregiving as they exit the workforce but continue to live for many more years without paying work. Arun Maira points out that the care of these seniors will fall upon the young, but with limited earnings and ever-rising private healthcare costs, instead of societal assets, they are likely to be seen as economic liabilities. Worse, there is no solution in sight. The writer argues that it may be time to reimagine society as a 'caring' enterprise instead of a 'paying' one. We should not damage the quality of a society to grow the economy. Instead, the economy must be redesigned to improve the quality of society. Sanjeev Ahluwalia unpacks what he calls the 'Das Principles' in his review of Abhijit Das' Strategies in GATT and WTO negotiations. The book defends the benefits of trade multilateralism at a time that United States has been damaging the basic framework of the World Trade Organisation (WTO) with its (read Trump's) unilateral tariffs against all and sundry. Das also points out that China played the game well by not trying to change developed nations' rules but by taking advantage of them. On the other hand, he says, India's WTO negotiators brilliantly defended 'perceived' national interest, but did they even read the national interest correctly? In our aversion to political risk, India successfully resisted externally driven trade and investment reform, even at the risk of scoring long-term self-goals.
Hans India
10-06-2025
- Business
- Hans India
SAIL gets accreditation for Authorised Economic Operator
New Delhi: Public sector giant Steel Authority of India Limited (SAIL) announced on Tuesday that it has received the accreditation for the Authorised Economic Operator (AEO), Tier II from the Directorate of International Customs. Recognised globally, this accreditation serves as a testament to an organisation's commitment to compliance, integrity and supply chain security and helps in trade facilitation. AEO certification, issued by the Central Board of Indirect Taxes and Customs (CBIC), grants businesses specific benefits, including expedited customs clearance and reduced inspection requirements. The AEO programme aims at fostering a secure and efficient trading environment in international trade. It is a trade facilitation move wherein benefits are extended to entities that have demonstrated strong internal control systems and a willingness to comply with the laws administered by CBIC. The certificate was received by the Executive Director (Logistics & Infrastructure) on June 9 from the Principal Commissioner, Directorate of International Customs, New Delhi. This certification would give SAIL a competitive edge along with advantages like improved supply chain security, international recognition and access to knowledge sharing and networking opportunities, the SAIL statement added. An Authorised Economic Operator (AEO) is a voluntary compliance program that recognises businesses as secure and reliable trade partners. It aims to enhance international supply chain security and facilitate legitimate trade. SAIL recorded an 11 per cent rise in its net profit for the January-March quarter of the financial year 2024-25 at Rs 1,251 crore, compared to Rs 1,126 crore in the same quarter a year ago. The Maharatna public sector undertaking's revenue from core operations rose 4.8 per cent to Rs 29,316 crore in the fourth quarter of the 2024-25 fiscal year, compared year-on-year with Rs 27,958 crore in the same quarter of the previous financial year. Steel Authority of India's board of directors have announced a final dividend issue of Rs 1.6 per share for the financial year ending 2024-25 of the face value of Rs 10 apiece. This means that every eligible shareholder will receive a final dividend of Rs 1.6 per share for every share they own in the state-owned steel giant.
Hans India
09-05-2025
- Business
- Hans India
Rise in Vizag AEO-certified entities
Visakhapatnam: With rising Authorised Economic Operator (AEO) adoption, India is steadily positioning itself as a trusted player in global trade, observed Chief Commissioner of Customs and Central Tax, Visakhapatnam Zone Sanjay a seminar on authorised economic operators held in Visakhapatnam on Thursday, he highlighted the growing importance of the AEO in strengthening India's trade ecosystem. Organised by the Confederation of Indian Industry (CII) in collaboration with the Central Board of Indirect Taxes and Customs (CBIC), the seminar witnessed participation of over 100 stakeholders from the import-export and logistics industry. 'The number of AEO-certified entities in Visakhapatnam zone has increased to 118, up from 46 earlier, reflecting growing industry awareness and trust in the scheme,' Sanjay Rathi stressed. Underscoring India's broader logistics progress, he pointed out that India has climbed to 38th position in the World Bank's Logistics Performance Index (LPI) 2023, a significant jump from the 54th rank in 2014. Principal Commissioner, Directorate of International Customs, Delhi, Akil Kumar Khatri highlighted that the AEO programme, launched 14 years ago, is a voluntary initiative by customs to identify and support trusted businesses involved in international trade. It helps reduce delays, speeds up clearances, and offers global recognition through mutual agreements with other countries, making trade safer, faster, and more efficient for compliant importers, exporters, and logistics providers. Immediate past chairman, CII Rajesh Grandhi underlined the need for continuous policy improvement and shared key industry suggestions, including extending the deferred duty payment window to 30 days. Past chairman of CII G Sambasiva Rao highlighted the growing role of Andhra Pradesh in global trade. He noted that the state has contributed nearly USD 20 billion in merchandise exports in FY 2024–25, led by key sectors such as marine products, pharmaceuticals, agriculture, engineering goods, and minerals. N Sridhar, Principal Commissioner, Custom House, Visakhapatnam, Pradeep Kumar, Joint Commissioner, Directorate of International Customs, Delhi, G Krishna Mohan, vice chairman, CII and other senior customs officials spoke.
Qatar Tribune
08-05-2025
- Business
- Qatar Tribune
MoCI workshop helps SMEs with customs compliance
Tribune News Network Doha The Ministry of Commerce and Industry (MoCI) in collaboration with the General Authority of Customs, held a workshop entitled 'Capacity Building for Entrepreneurs on Customs Procedures and Compliance Management' from May 6 to 8, 2025 at the Ministry's headquarters inLusail City. The workshop aimed to empower entrepreneurs and small and medium-sized enterprises (SMEs) in Qatar and enhance their capabilities in the areas of customs procedures and international compliance standards. It also sought to raise awareness of the facilitation and compliance programmes implemented by the General Authority of Customs, while equipping participants with the knowledge and skills required to manage customs clearance processes efficiently, in line with applicable legislations and regulations. The workshop focused on three key areas: introducing the concept of the Authorised Economic Operator (AEO), along with associated facilitation, compliance measures, and international standards; reviewing the customs clearance procedures adopted by the Authority; and outlining how to access accurate information via the Authority's digital platforms. The features of the 'Al-Nadeeb' electronic customs clearance system were also discussed, highlighting its comprehensive coverage of all customs procedures. This initiative is part of ongoing efforts by the Ministry of Commerce and Industry and the General Authority of Customs to raise awareness of customs procedures and simplify them, thereby fostering a business-friendly environment, attracting investment, and strengthening the competitiveness and sustainability of the national economy.
Zawya
11-03-2025
- Business
- Zawya
Egypt reviews customs system reforms to boost trade, curb smuggling
The Egyptian government is reviewing its plan to reform the customs system and curb smuggling in a bid to enhance trade competitiveness and improve the business environment. Prime Minister Mostafa Madbouly convened a meeting with key officials to assess the progress and future steps of the initiative. 'The government is focused on the development of the customs system as a step to promote the competitiveness of national exports and improve the business environment,' said Madbouly during the meeting. Those in attendance included Kamel El-Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport; Ahmed Kouchouk, Minister of Finance; Sherif El-Kilany, Deputy Minister of Finance for Tax Policies and Supervisor of the Customs Authority; Essam El-Naggar, Head of the General Authority for Export and Import Control; Essam Omar, Deputy Governor of the Central Bank of Egypt; Amani El-Wassal, Head of the Agreements and Foreign Trade Sector at the Ministry of Investment and Foreign Trade, and Executive Director of the Export Development Fund; Ahmed El-Asqalani, Head of the Central Administration of Air Export and Import Customs at the Customs Authority, alongside officials from relevant ministries and agencies. During the meeting, Ahmed Kouchouk, the Minister of Finance, outlined the key measures included in the reform plan. These measures encompass various aspects, including identifying the implementing entities, establishing time frames for each procedure, and determining which procedures require legislative amendments. Kouchouk explained that the reform plan includes both facilitation and regulatory elements. Facilitation measures and incentives comprise instalment payments for customs duties on production inputs, streamlining the pre-clearance system, granting customs clearance at the client's premises for companies listed on the White List and participating in the Authorised Economic Operator programme. Further aims include reducing customs release times, creating a user guide for customs dealings, allowing electronic payments, and enabling companies to establish logistics service centres to boost transit trade. The Finance Minister added that regulatory measures include governing mechanisms for securing and tracking the movement of goods and shipments. Also included is the review of tariff categories, particularly for targeted goods and industrial sectors, the training and redeployment of Customs Authority staff within customs ports, updating the Customs Authority website, expanding licensing for general customs warehouses inside dry ports, and reviewing the conditions for joining the Authorised Economic Operator programme, with the aim of increasing the number of participating companies to 500. Kouchouk also presented indicators on smuggling rates detected in 2024, the categories and classifications of seized goods, and proposed controls to reduce smuggling at various ports. He addressed a package of proposed measures for the electronic development of the customs system to close smuggling loopholes. El-Naggar presented an update on the implementation of the first phase of easing procedures, designed to improve customs release times and boost Egyptian trade indicators. El-Naggar outlined the mechanisms used to implement these measures and the results achieved. He noted that the continuous operation of customs clearance entities throughout the week on a shift basis has helped accomplish more tasks and double the number of inspected shipments. The General Authority for Export and Import Control has issued executive instructions to facilitate registration on the White List, which provides companies with advantages and facilities. In addition, the Authority launched its electronic portal in January 2024 in three languages, providing round-the-clock digital services, simplifying and accelerating the registration of exporters and importers, and providing up-to-date information to stakeholders as part of a digital transformation plan that includes issuing importer and exporter cards through the Egypt Digital platform. Amani El-Wassal presented the measures proposed by the Ministry of Investment and Foreign Trade to reduce smuggling, as well as the entity responsible for implementing each measure. These measures aim to tighten procedures at customs ports to control smuggling attempts and monitor the handling of released shipments.
