According to a Time Release Study(TRS) 2022 conducted by NBR, it takes more than 11 days for a consignment to clear customs after it arrives at Chattogram port. To help with better time management and reduce the cost of goods clearance at Chattogram port, USAID’s “Feed the Future Bangladesh Improving Trade and Business Enabling Environment Activity” is currently conducting a training session with 25 customs officials under the Authorised Economic Operator (AEO) program.
The 2-day training event successfully ended on Monday, and according to a press release, the National Board of Revenue (NBR) will benefit from this training by applying AEO in Bangladesh. Along with improving the customs clearance facilities, the training will also increase the customs official’s ability to verify AEO applications and manage post-AEO accreditation operations.
AEO-accredited companies will benefit from expedited imports and exports through a designated channel, including obtaining goods without a physical customs examination. By doing this, businesses at the Chattogram Port will save time and maintain their external trade schedules.
A formal response from the NBR is still pending for the 63 companies that have filed for AEO status. Only three companies have received the status from the NBR, but other companies in the leather, pharmaceutical, and textile industries will receive it.
The “Feed the Future” program will also help the government to support economic growth and food security by boosting market access, facilitating trade, and creating a more favorable business environment.