The USAID Feed the Future Bangladesh Improving Trade and Business Enabling Environment Activity imparted training to 25 customs officials on the Authorised Economic Operator (AEO) programme on Monday, said a press statement.
The programme is part of USAID efforts to assist the Bangladesh government in reducing the time and cost of clearing goods.
Firms receiving AEO accreditation will enjoy fast-tracked imports and exports through a dedicated channel, including the privilege of receiving their goods without a physical customs inspection. This helps firms save time and stay on external trade schedules.
A Time Release Study conducted by NBR showed that consignments in the Chattogram port required over 11 days to clear Customs and be received. Having AEO status will dramatically reduce that time with the added benefit of reducing the congestion at the ports.
The training has been provided aiming to build the capacity of customs officers to validate AEO applications and to manage the post-AEO accreditation procedures, the USAID press statement said.
This training will support the National Board of Revenue (NBR) to implement the globally-practiced AEO in Bangladesh. While NBR offers this status only to three firms now, it intends to provide more firms with the AEO facility from the textile, pharmaceutical, and leather sectors. 63 firms have applied for AEO status and are awaiting a formal response from NBR.
The Feed the Future Bangladesh Trade Activity supports the government of Bangladesh to bolster economic growth and food security by improving trade facilitation, enhancing market access, and improving the business-enabling market.
The Trade Activity provides technical assistance, training, institutional strengthening, and other direct support to the Government of Bangladesh and non-governmental partners.
It also promotes greater collaboration among the government, private sector, and civil society organisations.
