In its efforts to streamline customs processes, India is currently in discussions with 10 countries for Mutual Recognition Agreements (MRAs), as revealed by CBIC chairman Sanjay Agarwal. MRAs are designed to offer reciprocal advantages to trusted exporters in the customs clearance procedures. India presently has operational MRAs with the US, UAE, and Australia.
The acknowledgment of Authorized Economic Operators (AEOs) aligns with the World Customs Organization’s SAFE Framework, enhancing global trade facilitation and supply chain security. Finance Minister Nirmala Sitharaman stressed the need for Customs initiatives like Faceless Assessment and Single Window Clearance to evolve in line with the objective of achieving a GDP exceeding $5 trillion by 2027. While the Customs department’s SWIFT project, implemented in 2016, has streamlined import processes, challenges in integrating systems persist. Revenue Secretary Sanjay Malhotra urged swift automation and integration by government agencies for the benefit of traders, emphasizing the overall automation of Customs processes, including payments, assessments, refunds, and trade interactions.
