Mr. Sanjay Kumar Agarwal, Chairman of the Central Board of Indirect Taxes & Customs (CBIC), inaugurated the India-Korea Electronic Origin Data Exchange System (EODES) on December 6, 2023, in New Delhi. The ceremony was attended by Mr. KO Kwang Hyo, Commissioner of Korea Customs Service (KCS), and his delegation.
EODES aims to streamline the implementation of the India-Korea Comprehensive Economic Partnership Agreement (CEPA) through the electronic exchange of origin information between the customs administrations of both nations, specifically for goods traded under CEPA.
The system enables the electronic sharing of data fields in a Certificate of Origin (CoO) by the exporting customs administration with the importing customs immediately upon the issuance of the certificate. This electronic exchange expedites the clearance process for imported goods.
Importance of Customs Cooperation
Mr. Sanjay Kumar Agarwal emphasized the significance of Customs cooperation between India and Korea, focusing on aspects such as automated data exchange, capacity-building, and enforcement. He expressed optimism that the success of the EODES project would set a global standard for international Customs cooperation.
Acknowledgment and Recognition
Mr. KO Kwang Hyo acknowledged the collaborative efforts of both teams and highlighted that the operationalization of the system would provide a new momentum to preferential trade between India and Korea.
Soft Launch and Commitment
With the soft launch of EODES, both sides committed to its early utilization in a live environment. The launch is considered a major milestone in the ongoing bilateral relations between the two countries.
Important Questions Related to Exams
Q: What is EODES?
A: EODES, the India-Korea Electronic Origin Data Exchange System, facilitates quick clearance of goods under the Comprehensive Economic Partnership Agreement (CEPA) through electronic sharing of origin information.
Q: When was EODES launched?
A: EODES was launched on December 6, 2023, in New Delhi by Mr. Sanjay Kumar Agarwal and Mr. KO Kwang Hyo.
Q: What is its purpose?
A: EODES aims to streamline CEPA implementation by electronically exchanging Certificate of Origin (CoO) data between India and Korea’s customs administrations.
Q: Why is it significant?
A: It enhances Customs cooperation, automates data exchange, and is expected to set a global standard in international Customs collaboration.