New certification to save time, cost in foreign trade

Dhaka,  Fri,  18 August 2017
Published : 23 May 2017, 22:08:17

New certification to save time, cost in foreign trade

Pilot programme in November
FE Report

The Customs department is set to launch the Authorised Economic Operator (AEO) programme in  November aiming to facilitate export-import trade of the businesses by saving their time and cost.

Initially, the AEO certificate will be given to some companies of the country's pharmaceutical sector on a pilot basis due to the industry's compliant nature compared to other sectors.

The plan was disclosed at a workshop on 'AEO Implementation in Bangladesh' jointly organised by National Board of Revenue (NBR), United States Agency for International Development (USAID) and Asian Development Bank (ADB) at a city hotel on Tuesday.

Chaired by NBR Chairman Md Nojibur Rahman, the programme was addressed by State Minster for Finance and Planning MA Mannan as chief guest and the Federation of Bangladesh Chambers of Commerce and Industry's (FBCCI) First Vice-President Sheikh Fazle Fahim as special guest. USAID Bangladesh Trade Facilitation Activity Team Leader (Supply Chain Security) Mohammad Al Said, ADB Trade Facilitation Consultant Mashuk Al Hossain and NBR AEO Team Convener Prakash Dewan also spoke at the workshop.

Mentioning that the government is preparing an  ambitious budget to attain the status of a middle- income country by 2021 and a developed one by 2041, the State Minister said a huge amount of money is required to meet the target and the money should be managed from domestic resources.

He said improved work quality of the NBR is not enough; it should increase connection with revenue authorities of other countries to observe the best practices around the world.

Stressing the need for trade facilitation and simplification, Mr Mannan said the more trade conditions get easier, the more it goes for expansion.

Speaking on the occasion, the NBR Chairman said the revenue authority has been working to facilitate the trade bodies over the time, and the NBR is now trying to provide services to the businesses according to best practices around the world.

USAID consultant Said said getting an AEO accreditation, a company will not only be benefited in export and import, but also it will enjoy good status in competition with similar companies.

Pointing that Bangladesh ranked 176 out of 190 countries in the Ease of Doing Business Index, he said implementation of AEO programme will be significant for the country as it will certainly help the country do well in the ranking.

According to World Trade Organisation (WTO) Trade Facilitation Agreement, a company accredited as AEO is compliant, having low-risk profile. It maintains a fair supply chain. The AEO will get quick release and preferential treatment in Customs around the world that welcomes such a facilitation.

Companies related to manufacturing, export and import, logistics, port and airport operator, C&F agents, warehouse operators etc can apply to the NBR to get certificate as AEO.

However, AEO certificate isn't mandatory for all businesses, but it will give the company quicker access to certain simplified customs procedures and in some cases the right to 'fast-track' shipments through customs in a safe and secure manner.
Editor : A.H.M Moazzem Hossain
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