India, Russia explore trade facilitation deal for quicker port clearance

India and Russia are exploring a deal on facilitating cross-border trade by cutting red tape so that consignments are cleared quickly at ports, improving efficiency in trade, an official said.

- Gireesh Chandra Prasad

The idea is to mutually recognize the accreditation given by each country to certain trusted merchants and other entities like logistics service providers involved in trade. Mutual recognition of these ‘authorized economic operators (AEOs)’ will make them eligible for similar benefits in the partner country. This comes after India and Japan agreed in June on a blueprint to recognise each other’s trade facilitation schemes.

Vivek Johri, chairperson of the Central Board of Indirect Taxes and Customs, told