Authorised Economic Operator (AEO) Status:
The Ministry of Finance has granted Authorised Economic Operator (AEO) status to the gem and jewellery sector, as part of efforts to promote ease of doing business.
- Asian Star, a leading diamond and diamond jewellery manufacturer, became the first in the industry to receive AEO status.
- Authorised Economic Operator (AEO) program operates under the World Customs Organization (WCO) SAFE Framework.
- Its goal is to boost international supply chain security and smooth the movement of lawful goods.
- Aligned with World Trade Organization trade facilitation agreements, it allows Indian Customs to strengthen cargo security through collaboration with key stakeholders in the international supply chain.
- An entity with an AEO status is considered a ‘secure’ trader and a reliable trading partner. Benefits of AEO status include expedited clearance times, fewer examinations, and improved security and communication between supply chain partners.
- In India, the AEO Programme (a voluntary initiative) was introduced by the Central Board of Indirect Taxes and Customs (CBIC) in India in 2011.
- It aims to simplify customs procedures and expedite clearances for businesses demonstrating high-security standards in the supply chain.
