Question

    Examine the following statements and identify the

    correct one: "The Centre has accorded Authorised Economic Operator (AEO) status to the gem and jewellery sector to enhance the ease of doing business. This status, part of a broader framework initiated by the Customs department in 2011, was granted to Asian Star among other applicants." Which of the following additional effects is most likely associated with the granting of AEO status to a sector?
    A Increased customs duties on imports and exports Correct Answer Incorrect Answer
    B Simplified customs procedures and faster clearance times Correct Answer Incorrect Answer
    C Restriction on the types of goods that can be exported Correct Answer Incorrect Answer
    D Increased regulation and monitoring of domestic sales Correct Answer Incorrect Answer
    E Mandatory government ownership in exporting firms Correct Answer Incorrect Answer

    Solution

    AEO status typically facilitates trade by offering benefits such as simplified customs procedures and faster clearance times, aimed at making business operations smoother and more efficient, particularly in international trade.

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