Current AffairsEconomics

Authorized Economic Operators

Central Board of Indirect Taxes & Customs (CBIC) has inaugurated the online filing of Authorised Economic Operators (AEO) T2 and T3 applications.

Who are Authorised Economic Operators?

  • The AEO concept is one of the main building blocks within the WCO SAFE Framework of Standards (SAFE).
  • The latter is part of the future international Customs model set out to support secure trade.
  • The growth of global trade and increasing security threats to the international movement of goods have forced customs administrations to shift their focus more and more to securing the international trade flow and away from the traditional task of collecting customs duties.
  • Recognizing these developments, the World Customs Organization, drafted the WCO Framework of Standards to Secure and Facilitate global trade (SAFE).
  • In the framework, several standards are included that can assist Customs administrations in meeting these new challenges.
  • Developing an Authorized Economic Operator programme is a core part of SAFE.
Tags: Current Affairs, Economics

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