Digital platform launched to give single point access to exporters

Image
ANI
Last Updated : Sep 16 2019 | 5:10 PM IST

Minister of Commerce and Industry Piyush Goyal and his junior colleague Hardeep Singh Puri on Monday launched a common digital platform for the issuance of electronic certificates of origin (CoOs).

"The platform will be a single access point for all free trade agreements (FTAs) and preferential trade agreements (PTAs). The CoO will be issued electronically, which can be in the paperless format if agreed to by the partner countries," said Goyal.

Authorities of partner countries will be able to verify the authenticity of certificates from the website. Further, it provides administrative access to the Department of Commerce for reporting and monitoring purposes.

Goyal said exporters may register on this platform and apply for CoOs to any of the designated agencies. The Export Inspection Council (EIC) and its agencies are already on-boarded. Other agencies are in the process of registering on the platform.

The on-boarding process is only for the purposes of payment integration so that the application fees may flow to the respective agencies. The platform will be made live for FTAs in a phased manner as per the concurrence of the concerned partner countries. Various territorial divisions have already informed their partner countries.

"We are scheduled to start with the India-Chile PTA," said Goyal. "Once the partner countries agree to electronic data exchange, the CoOs will be electronically sent to the customs of the partner countries. After this, there will not be any need for physical CoO copy, saving transaction cost and time for the Indian exporters."

India has 15 FTAs and PTAs with various partner countries under which Indian exporters avail reduced import tariffs in the destination country. To avail of this benefit, the exporters must provide a preferential CoO.

About 7 lakh certificates are issued annually by designated agencies. These verticals certify that exported goods are made in India. These certificates are issued by designated agencies in India after vetting of the rules of origin criteria as per the respective FTA/PTA.

Some designated agencies for CoO issuance are EIC, Directorate General of Foreign Trade (DGFT), Marine Products Export Development Authority (MPEDA), the Textile Committee and the Tobacco Board.

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Sep 16 2019 | 4:54 PM IST

Next Story