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ELECTRONIC CERTIFICATE OF ORIGIN, EXTERNAL SECTOR - Coggle Diagram
ELECTRONIC CERTIFICATE OF ORIGIN
Context
Recently, Ministry of Commerce and Industry has launched a Common Digital Platform for issuance of Electronic Certificate of Origin.
Details
About Certificate
of Origin
• A Certificate of Origin (CO) is an important international trade document that certifies that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in a particular country.
• They declare the ‘nationality’ of the product and also serve as a declaration by the exporter to satisfy customs or trade requirements.
Compare
New Platform
The Issuance process is electronic, paperless and transparent.
Real-time tracking of FTA utilization at product level, country level etc.
Electronic Certificate of Origin issued.
Possible to electronscally exchange Certificate of Origin with the part et countries.
Reduces transaction cost and time for the exporters
Existing Process
Current process requires the exporter to visit the agency
thrice for each certificate.
Real-time tracking is not possible as data is fragmented
across various agencies.
Physical Certificates of Origin issued.
Electronic exchange of Certificate of Origin not possible.
Current processes take more time and cost
• It will be a single access point for all exporters, for all Free Trade Agreements (FTAs)/Preferential Trade Agreements (PTAs) and for all agencies concerned.
• It will be issued electronically which can be in paperless format if agreed to by the partner countries.
• It provides administrative access to Department of Commerce for reporting and monitoring purposes.
• The platform will be made live for FTAs in a phased manner as per the concurrence of the concerned partner countries.
• Exporters may register on this platform and apply for Certificate of Origins to any of the designated agencies.
• The given below table compares the new platform with respect to the existing process in providing Certificate of Origin.
EXTERNAL SECTOR