Private sector companies awarded Authorised Economic Operator status

Friday, 2 August 2024 00:00 - - {{hitsCtrl.values.hits}}

Thirty-one private sector companies were awarded the prestigious AEO Tier 1 status at a Sri Lanka Customs awarding ceremony on 30 July at the NH Collection Colombo.

State Minister of Finance Ranjith Siyambalapitiya was in attendance as the Chief Guest.

The Ceylon Chamber of Commerce, expertly facilitated and coordinated the entire training program which was conducted for selected private sector companies, funded by the United States Agency for International Development’s (USAID) Partnership for Accelerating Results in Trade, National Expenditure and Revenue (PARTNER) Activity.

This facilitation included assessing companies for the required eligibility criteria for the coaching program, and identifying expert trainers M. Ravindrakumar – Customs Management Expert, and Dinesh De Silva – Senior Trade Facilitation Expert to conduct the comprehensive training.

The AEO program aligns with the World Customs Organisation (WCO) SAFE Framework of Standards and the World Trade Organisation (WTO) Trade Facilitation Agreement. Its primary goal is to secure and streamline global trade by expediting the movement, release and clearance of goods, thereby reducing the time and cost associated with cross-border transactions.

To qualify for AEO status, operators must meet the eligibility criteria set by Sri Lanka Customs. This includes demonstrating high legal and operational compliance and maintaining robust supply chain security. Those who achieve this status benefit from enhanced trade facilitation measures, such as rapid release of goods, reduced documentation and data requirements, and fewer physical inspections.

The training programs were designed to support private sector companies to fulfil the high standards required for the AEO certification, bolstered by capacity-building initiatives to enable the selected companies to implement the required changes.

Due to high private sector interest in pursuing AEO certification, the Ceylon Chamber plans to facilitate additional training programs, contributing to continually enhancing trade processes and facilitation.