India-Korea Electronic Origin Data Exchange System
Mr. Sanjay Kumar Agarwal, Chairman of the Central Board of Indirect Taxes & Customs (CBIC), inaugurated the India-Korea Electronic Origin Data Exchange System (EODES) on December 6, 2023, in New Delhi. This significant event took place in the presence of Mr. KO Kwang Hyo, Commissioner of Korea Customs Service (KCS), and his delegation.
Objective of EODES
The Electronic Origin Data Exchange System aims to facilitate the seamless implementation of the India-Korea Comprehensive Economic Partnership Agreement (CEPA). It achieves this by electronically exchanging origin information for goods traded under the CEPA between the customs administrations of both countries.
Streamlining Customs Procedures
The system ensures that data fields in a Certificate of Origin (CoO) are promptly shared electronically by the exporting customs administration with the importing customs as soon as the certificate is issued. This streamlined process is expected to expedite the clearance of imported goods.
Commitment to Utilization
With the soft launch of the EODES, both sides reaffirmed their commitment to the system’s early utilization in a live environment. This commitment underscores the mutual acknowledgment that the launch marks a significant milestone in the flourishing bilateral relations between India and Korea. The successful implementation of the EODES is expected to enhance efficiency and collaboration in trade between the two nations.
Category: International / World Current Affairs