India Signs Customs Mutual Recognition Agreement with Russia
May 22, 2024 14:29
India has signed 7 mutual recognition agreements (MRAs) with customs authorities of other countries, including Russia. The CBIC is actively pursuing negotiations for similar pacts with other nations.
New Delhi, May 22 (PTI) India has signed mutual recognition agreements (MRAs) with customs authorities of seven nations and is actively pursuing negotiations for such pacts with other countries, a top official said.
The Central Board of Indirect Taxes and Customs and the Federal Customs Service, Russia, this month signed the Authorized Economic Operator (AEO) MRA to provide reciprocal benefits to accredited and trusted exporters of both signatories in the clearance of goods by the customs authorities of the importing country.
"The CBIC and the Federal Customs Service, Russia signed the Authorized Economic Operator (AEO) Mutual Recognition Agreement, which is a major trade facilitation boost for Indian importers and exporters. While this is the 7th MRA that has been signed by Indian Customs, negotiations are being actively pursued with many other Customs' administrations," CBIC Chairman Sanjay Kumar Agarwal said in a communication to field formation.
The AEO programme enables Customs administration to identify safe and compliant exporters and importers and to provide them with better facilitation. AEO MRA is already in place for 7 countries, including Korea, UAE, Hong Kong and Taiwan.
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