India is stepping up its game in international trade by signing Mutual Recognition Agreements ( MRAs ) with the customs authorities of seven nations. Sanjay Kumar Agarwal, Chairman of the Central Board of Indirect Taxes and Customs ( CBIC ), hailed the agreement with Russia as a major leap forward for Indian trade.
He highlighted that this marks the seventh MRA signed by Indian Customs, with negotiations actively underway with customs authorities in many other countries. This move signifies India’s commitment to smoother trade processes and faster customs clearances for its trusted exporters.
The latest agreement involves the Central Board of Indirect Taxes and Customs ( CBIC ) of India joining forces with Russia’s Federal Customs Service through an Authorized Economic Operator ( AEO ) MRA. This agreement offers significant benefits to pre-vetted exporters from both countries. AEO certification signifies a company’s strong track record of compliance and security, allowing for expedited customs clearance at the destination country.
The AEO program plays an important role in this initiative. It functions as a recognition system for customs administrations to identify trustworthy exporters and importers who demonstrate a history of adhering to regulations.
With India already having AEO MRAs established with countries like Korea, UAE, Hong Kong, and Taiwan, this latest agreement adds to a growing network that aims to optimize global trade efficiency.
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