India-Korea Electronic Origin Data Exchange System for Faster Clearance of Imported Goods Launched

#EODES #ElectronicOriginDataExchangeSystem #ImportedGoods

Source: PIB

December 2023 : 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 6th December 2023 in New Delhi.

The Electronic Origin Data Exchange System is aimed at facilitating the smooth implementation of the India-Korea Comprehensive Economic Partnership Agreement (CEPA) by way of electronic exchange of origin information between the two customs administrations in respect of the goods traded under the CEPA. 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.

During the event, Sanjay Kumar 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.