Bangladesh Investment Development Authority executive chairman Chowdhury Ashik Mahmud Bin Harun said that there was a positive trend in the country鈥檚 economy in the past six months.
鈥楨xports have increased by 13 per cent in the last 6 months, where the container handling also increased by 7 per cent in January. We need to address all the negative factors and move forward,鈥� he added.
He was speaking as the chief guest at the launching event of the Authorized Economic Operator at the National Board of Revenue on Sunday.
The NBR launched the AEO in aiming to make export-import business easier and risk-free along with聽providing customs and tariff-related information from a single platform.
BIDA executive chairman also said that if the AEO is fully operational, the pressure will be reduced on both the NBR and the business community. He also said that it should have launched earlier but it took 12 years.
He also said that a new chapter in trade facilitation has begun in Bangladesh with the issuance and implementation of the AEO certificate.
鈥楥ompliant importers and exporters will benefit greatly by reducing lead time and costs through the proper implementation of AEO,鈥� he added saying that in placing import orders, the buyers first consider its Vietnam operations before allocating the remaining orders to its Bangladesh unit as Vietnam is far ahead in terms of lead time.聽He also said that the country needs to address these.
The NBR launched the Authorised Economic Operator to facilitate and eliminate risk in export-import business and provide聽customs and tariff-related information from a single platform.
Businesses and individuals can access essential trade-related details, including general information, compliance requirements, product-specific documentation, tariff rates, duty and tax benefits, an approximate tax calculator and preferential tax benefits, through聽dedicated websites, according to a NBR presentation.
The NBR also introduced 鈥楥ustoms Strategic Plan 2024-28鈥� and 鈥楨xport-Import Hub鈥� at the event.
The AEO module is within the Automated System for Customs Data (ASYCUDA) World, which is designed to facilitate faster consignment clearance at ports, the revenue authority said.
NBR chairman Abdur Rahman Khan acknowledged that the revenue authority had lagged behind in automation efforts, as it had failed to implement the AEO system on time.
He said that some businesses tried to comply with the system in all areas, but some evaded it everywhere.
鈥楾his cannot continue and through the AEO, compliant businesses will get special benefits. We want to see them compete to achieve this facility,鈥� he added.
He also said that the Mongla and Pangaon ports were still less busy and since cargo pressure was low at these two ports, all goods were tested there properly.
However, he said, due to high pressure, several goods are released without proper testing at the Chattogram port.
鈥業ntroduction of the AEO facility will gradually reduce pressure on the Chattogram port as testing will be easier. If the importers get the same facilities at Mongla and Pangaon ports, they will also use those,鈥� he added.
NBR first secretary (customs) Amimul Ehsan Khan showcased the presentation on AEO and said that the exporters and importers registering聽companies under the AEO system would receive unique benefits in the expedited clearance of imported goods and customs clearance of exported goods.
AEO-licenced companies will be able to automatically self-assess 20-50 per cent of their product shipments through green lane facilities. They will also be able to use the AEO logo, pre-arrival declaration, less documentary requirements, priority in scanning and physical examination, regular audit, etc.
Moreover, the companies will be able to temporarily clear customs without chemical testing of the products they require. In cases where a bank guarantee is required, they will get the benefit of clearing goods by providing a 75 per cent bank guarantee and 25 per cent commitment.
Nine companies have received AEO certificates till date.
Zaved Akhter, chairman of Unilever Bangladesh Limited, among other businesses, also spoke at the event.