Which of the following statements is are true w r t AEO status It is a programme under the aegis of ...........

Economic Affairs Foreign Trade - Trends and Policy

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Which of the following statements is/ are true w.r.t. AEO status?

It is a programme under the aegis of the World Trade Organization (WTO) SAFE Framework of Standards to secure and facilitate Global Trade
It enables Indian Customs to enhance and streamline cargo security through close cooperation with the principle stakeholders of the international supply chain

1 only

2 only

1 and 2

Neither 1 nor 2

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Explanation:

Statement 1: It is a programme under the aegis of the World Customs Organization (WCO) SAFE Framework of Standards to secure and facilitate Global Trade

An entity engaged in international trade is approved by Customs as compliant with supply chain security standards and granted AEO status. That entity is then considered a ‘secure’ trader and a reliable trading partner. It enables Indian Customs to enhance and streamline cargo security through close cooperation with the principle stakeholders of the international supply chain. Benefits include expedited clearance times, fewer examinations, improved security and communication between supply chain partners