Global stamp to help locals speed up trade.

NEW DELHI: India’s traders can now obtain a international certification that will help speedy movement of their goods through Customs and also facilitate trade with other countries that have stringent security standards.

This is because India has decided to implement a global framework on supply chain security standards, helping its international traders obtain a ‘secure trader status’, a global certification on supply chain.

“It’s like a green card that will allow faster processing of goods without inspection,” said Pratik Jain, executive director, KPMG India .

In 2005, the World Customs Organisation , an organization of 178 customs administrations, adopted the SAFE framework of standards to secure and facilitate global trade.

The objective behind the framework was to shield global trade from terrorist exploitation.

The framework provided for a concept of authorised economic operator that provides eligible traders simplified customs procedures and reduced customs intervention.

“The global trading system is vulnerable to terrorist exploitation while the international trade is an essential element for economic development ,” said a Central Board of Excise and Customs concept paper on the draft scheme.
Experts, however, want more clarity on the scheme. “There is no clarity on cost of certification , process, validity of certification in other countries,” said Mr Jain.

Source : economictimes.indiatimes.com