Agarwal highlights importance of Customs cooperation between India and Korea
India-Korea Electronic Origin Data Exchange System (EODES) for faster clearance of imported goods has been launched to facilitate implementation of India-Korea Comprehensive Economic Partnership Agreement (CEPA) by electronic exchange of origin information between the two customs administrations for goods traded under the CEPA
Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes & Customs (CBIC), launched the India-Korea Electronic Origin Data Exchange System (EODES), in the presence of Ko Kwang Hyo, Commissioner of Korea Customs Service (KCS) and his delegation on 6 Dec 2023 in New Delhi.
The data fields in a Certificate of Origin (CoO) shall be electronically shared by the exporting customs administration with the importing customs, as soon as the certificate is issued. This would facilitate faster clearance of imported goods, the Finance Ministry said.
During the event, Agarwal highlighted the importance of Customs cooperation between India and Korea on issues such as automated data exchange, capacity-building and enforcement, and expressed hope that the success of the EODES project shall serve as a global template in the field of international Customs cooperation.
Ko Kwang Hyo recognised the hard work put in by both teams and stated that the operationalisation of the system shall provide a fresh impetus to preferential trade between the two countries.
With the soft launch of the EODES, both sides expressed commitment to its early utilisation in live environment and acknowledged that the launch shall mark a major milestone in the flourishing bilateral relations between the two countries. fiinews.com
