India-US agreement to ease custom procedure
India-US eased the custom procesdure
Customs authorities of India and the US have signed a Mutual Recognition Arrangement (MRA) in order to speed up clearances through custom procedure and easing the process for exporters of both countries thus promoting exports. Central Board of Indirect Taxes and Customs (CBIC) tweeted that on 22nd September’ 2021, M Ajit Kumar, Chairman, CBIC and Troy Miller, Acting Commissioner of the US Customs & Border Protection, the Department of Homeland Security signed a MRA in order to recognise each other’s Authorised Economic Operators (AEOs). This agreement is a milestone towards supply chain security and trade facilitation.