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Logistics provider Tasco certified as authorised economic operator

KUALA LUMPUR (Aug 18): Logistics solutions provider Tasco Bhd has been certified as an authorised economic operator by the Royal Malaysian Customs Department.

With the certification, the company is able to offer a number of benefits to its selected customers, the group said in an exchange filing today.

These include priority customs clearance both at origin and destination, lower rate of physical inspections of imported or exported goods, faster release of shipments, deferred payment of duties, as well as enhanced security and improved risk mitigation.

Tasco said the World Customs Organization defines an AEO as a party involved in the international movement of goods in whatever function that has been approved by, or on behalf of a national customs administration, as complying with WCO or equivalent supply chain security standards.

"Formed to protect global supply chains from terrorism and other threats, AEO programmes exist in countries around the world under various names. For example, the United States AEO programme is called the Customs Trade Partnership Against Terrorism (CTPAT)," said Tasco.

Tasco’s shares closed up four sen or 3.6% at RM1.15 today, bringing a market capitalisation of RM920 million. The company saw 3.24 million shares changing hands.

http://www.theedgemarkets.com/article/logistics-provider-tasco-certified-authorised-economic-operator

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