Articles under Customs Terms

Authorized Economic Operator (AEO) Certificate

Benefits of AEO Certification   The AEO (Authorized economic Operator) programme, the importer and exporter are being issued a certificate based on three-tier certification i.e. AEO T1, AEO T2 and AEO T3, where AEO T3 is the highest level of accreditation and with most benefits. All three tiers provide for varying and incrementally increasing level of facilitation to the status holder. There is one more category of AEO- LO that covers all other entities in the supply chain

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What is Union Customs Code(UCC)

Union Customs Code(UCC) - Explain Union Customs Code (UCC) is the customs code for the European Union. It was introduced across the European Union (EU) on 1 May 2016. It provides a comprehensive framework for customs rules and procedures in the EU customs territory adapted to modern trade realities and modern communication tools. The UCC also introduced a number of new concepts and modernises many existing procedures. There are a number of changes to how goods cross EU border

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Entry in Declarant’s Records (EIDR) – Explain

What is Entry in Declarant’s Records (EIDR) under UCC   Entry in Declarant’s Records (EIDR) is a new facilitation introduced under the Union Customs Code(UCC). In European Union (EU), Entry in Declarant’s Records (EIDR) allows economic operators to release goods to a customs procedure without the need to provide a full customs declaration at the point of release using a simplified data set via an entry in their electronic commercial records.  A supplement

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Explain Caribbean Basin Initiative (CBI)

Caribbean Basin Initiative (CBI) beneficiary countries   The trade programs known collectively as the Caribbean Basin Initiative (CBI) remain a vital element in the United States’ economic relations with its neighbour’s in Central America and the Caribbean. The CBI is intended to facilitate the economic development and export diversification of the Caribbean Basin economies. The Caribbean Basin Economic Recovery Act of 1983 (CBERA), provides duty free entry of textile go

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Customs terms, CET means

What is Common External Tariff (CET) in customs   CET means the Common External Tariff and is an indistinguishable rate of tax forced on products imported from outside nations into Partner states. For Example, the European Common Market depends on the rule of a free inward exchange zone with a typical outside tax connected to items imported from non-part nations. Facilitated commerce territories don't really have regular outside taxes. The selection of the basic outside tax (CET)

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