Exports: GoI launches guidelines for Certificate of Origin
The Ministry of Commerce recently launched an online platform to issue Certificate of Origin to the exporters and other guidelines. The move is being taken to facilitate shipments during lock down.
Currently, the online platform is used obtain certificate of exports under PTA signed with Chile, SAFTA signed with Nepal and SAPTA signed with SAARC countries and also India-Korea Comprehensive Economic Partnership Agreement. The guidelines has included many more such agreements to the list. IT has also framed time line and an online protocol to issue the certificate.
Certificate of Origin
The Certificate of Origin document is used worldwide. The certificate attests that the product originated in a particular country. The Guidelines for the issuance of certificate of origin is issued by International Chamber of Commerce. The certificate is important to determine tariffs. For instance, a preferential agreement might be supported by certificate of origin will reduce impose duty imposed on the product.
SAFTA and SAPTA
SAFTA is South Asian Free Trade Area that was signed in 2004 at the SAARC summit. The agreement created a free area of trade that accommodates more than 1.6 billion people. Under the agreement, the custom duties of traded goods were brought to be brought down to zero by 2016. SAPTA is SAARC Preferential Trading Agreement that envisages creating an area of preferential trading.
Category: India Nation & States Current Affairs