New System Speeds Up Imported Goods Clearing Between India and Korea: A new electronic data exchange system called EODES (India-Korea Electronic Origin Data Exchange System) has been introduced to fast-track the clearance of goods imported under the Comprehensive Economic Partnership Agreement.
Mr. Sanjay Kumar Agarwal, the head of the Central Board of Indirect Taxes & Customs (CBIC), unveiled the EODES on December 6, 2023, in New Delhi. The launch event was attended by Mr. KO Kwang Hyo, Commissioner of Korea Customs Service (KCS), along with his team.
EODES has been created to simplify the implementation of the India-Korea Comprehensive Economic Partnership Agreement (CEPA). It aims to electronically share information about the origin of goods between the customs departments of both countries, especially for goods traded under CEPA. The system allows exporting customs officials to electronically share information contained in a Certificate of Origin (CoO) with the importing customs immediately after issuing the certificate. This electronic exchange speeds up the process of clearing imported goods.
Significance of Customs Cooperation: Mr. Sanjay Kumar Agarwal highlighted the importance of customs cooperation between India and Korea. He stressed on the benefits of automated data exchange, enhancing capabilities, and enforcement. He believes that the success of EODES could set a global benchmark for international customs cooperation. Mr. KO Kwang Hyo appreciated the joint efforts of both teams. He noted that the system's operationalization will give a boost to preferential trade between India and Korea.
Launch and Commitment: The soft launch of EODES marks a commitment from both sides to start using it in real trade scenarios soon. This launch represents a significant milestone in the ongoing bilateral relations between India and Korea.
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