News:Commerce Ministry has launched the common digital platform for the issuance of certificates of origin.
Facts:
What Is a Certificate of Origin(CO)?
- A certificate of origin(CO) is a document declaring in which country a commodity or good was manufactured.
- The certificate of origin contains information regarding the product, its destination and the country of export.It is required by many treaty agreements for cross-border trade.
- Certificate of origin(CO) is an important form because it can help determine whether certain goods are eligible for import or whether goods are subject to duties.
About electronic Certificates of Origin:
- The platform has been designed and developed by the Director-General of Foreign Trade(DGFT) and Regional & Multilateral Trade Relations (RMTR) Division,Department of Commerce.
- This platform will act as a single access point for all exporters, all Free Trade Agreements (FTAs)/Preferential Trade Agreements(PTAs) and all concerned agencies.
- The platform also provides administrative access to the Department of Commerce for reporting and monitoring purposes.
- Further,the authorities of the partner countries will also be able to verify the authenticity of certificates from the website.
- The benefits of the new system over the existing process are:-
