DGFT Amends Foreign Trade Policy: New Agencies Authorized to Issue Certificates of Origin for India-EFTA TEPA
Issue: To implement the recently concluded India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA), the Directorate General of Foreign Trade (DGFT) needed to designate the competent authorities responsible for issuing the crucial Certificates of Origin (CoO).
Facts:
- The India-EFTA TEPA is a significant free trade agreement.
- For goods to qualify for preferential duty treatment under the pact, they must be accompanied by a valid CoO, certifying their origin status.
- The DGFT, under the Foreign Trade Policy (FTP), is the nodal agency for notifying the authorized bodies that can issue these certificates.
Decision:
The Directorate General of Foreign Trade (DGFT) amended the Foreign Trade Policy (FTP) to authorize new agencies and bodies to act as competent authorities for issuing the Certificates of Origin under the India-EFTA TEPA.
Key TakeDowns:
- Implementation of TEPA: This amendment is a crucial step in operationalizing the India-EFTA trade agreement, making the preferential duty benefits practically accessible to Indian exporters.
- Streamlined Export Compliance: By designating multiple authorized agencies, the DGFT ensures exporters have streamlined access to the necessary documentation, reducing bottlenecks and accelerating the export process to EFTA countries (Switzerland, Norway, Iceland, and Liechtenstein).
- Certificate of Origin (CoO) Importance: The CoO is the core document that confirms the goods meet the Rules of Origin criteria specified in the agreement, without which, Indian exports would not receive the preferential tariff treatment.
Source :- PN-30-English_0001