The National Board of Revenue (NBR) is set to launch a pilot programme by the end of this month as a primary step towards offering customs-compliant companies a status of Authorised Economic Operator (AEO).
After successful operation of the pilot programme, officials said the authorities were expecting to go for full implementation of the AEO programme by next year - four years after the NBR had decided to go for it in 2013.
The AEOs will enjoy certain trade facilities like fast track release at ports, reduced rate of inspections, nominal bank guarantee submission, deferred payment and, special and elevated status than that of other importers, exporters, transporters and brokers.
As a signatory to the Trade Facilitation Agreement (TFA) of the World Trade Organisation (WTO), it is now mandatory for Bangladesh to implement the AEO programme.
As per implementation plan, the piloting will be started with two pharmaceutical companies having good track record of exports and imports conducted through different customs houses, officials said. They will not disclose names of the companies due to confidentiality.
However, companies will have to comply with some conditions and requirements to enjoy the benefits as the AEOs.
They will have to demonstrate compliance with customs requirements, have satisfactory system for management of commercial records, show financial viability, ensure security of cargo, and have premises, trade partners and crisis management and incident recovery system.
"As per our commitment, the customs is going to launch the pilot programme by December 31, 2017," said Mohammad Ehteshamul Hoque, NBR first secretary (customs modernisation and international affairs).
He said the customs will go for full implementation of the AEO programme for the trusted traders by 2018 calendar year.
Once the full-fledged AEO programe is launched, some trusted companies or entities as AEO will enjoy fast track trade facilities.
The NBR will invite applications from the trusted traders and companies to allow them work as AEOs. The companies have to be accredited and certified by the customs.
The companies willing to get AEO status will have to focus on their supply chain security and comply with specific requirements of customs.
In 2013, Customs had decided to implement AEO programme, but its implementation is being delayed by four years due to procedural complexities, officials said.
A private sector seminar on AEO is scheduled to be held on December 27 in a city hotel.
Private sector businesses are interested to know about the AEO criteria of applying for the status and the benefits to be offered to the companies.
Last month, the NBR held a workshop on facilitating customs officials to develop ideas on AEO application, validation and audit procedures.
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