CBIC Launches India-Korea Electronic Origin Data Exchange System for faster clearance of imported goods:

CBIC Launches India-Korea Electronic Origin Data Exchange System for faster clearance of imported goods Mr. Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes and Customs (CBIC), inaugurated the India-Korea Electronic Origin Data Exchange System (EODES) on December 6, 2023, in New Delhi, in the presence of Mr. KO Kwang Hyo, Commissioner of Korea Customs Service (KCS), and the members of his party. The Electronic Origin Data Exchange System (EODES) aims to facilitate the seamless execution of the India-Korea Comprehensive Economic Partnership Agreement (CEPA) by facilitating the electronic exchange of origin details between the two customs administrations for goods traded under the CEPA. The data fields in a Certificate of Origin (CoO) must be electronically exchanged between the exporting and importing customs administrations as soon as the certificate is issued. This could accelerate the clearance of goods that are imported. Mr. Sanjay Kumar Agarwal, who discussed at the event, emphasised the significance of customs cooperation between India and Korea on topics such as automated data exchange, capacity-building and enforcement and expressed hope that the success of the EODES project will serve as a worldwide template in the field of international customs cooperation. Mr. Ko Kwang Hyo acknowledged both teams' efforts and remarked that the system's implementation would provide an additional boost to preferential trade between the two countries. With the soft launch of the EODES, both sides declared commitment to its early use in a live environment and agreed that the introduction would signal a significant milestone in the two nations' blooming bilateral relations.