Why in the News?
The Directorate General of Foreign Trade (DGFT) has launched the enhanced Certificate of Origin (eCoO) 2.0 system, a major upgrade aimed at simplifying export certification and improving trade efficiency.
What is eCoO 2.0 System?
- The eCoO 2.0 system is a digital platform launched by the Directorate General of Foreign Trade (DGFT) to simplify and streamline the issuance of Non-Preferential Certificates of Origin (CoO).
- Effective January 1, 2025, exporters must electronically file CoO applications through this platform.
- It aligns with India’s Ease of Doing Business initiative by improving trade facilitation, digital authentication, and document processing.
Key Features of the eCoO 2.0 System
- Exporters must submit Non-Preferential Certificates of Origin (CoO) online.
- Allows exporters to authorize multiple users under a single Importer Exporter Code (IEC).
- Aadhaar-based e-Signing provides an alternative to Digital Signature Tokens, enhancing security and ease of use.
- Offers real-time access to eCoO services, Free Trade Agreement (FTA) details, trade events, and notifications.
- Exporters can request In-lieu CoO for rectifications on previously issued CoOs.
- The system handles 7,000+ eCoOs daily, integrating 125 issuing agencies, 110 chambers of commerce, and 650+ issuing officers.
Significance of the eCoO 2.0 System
- Reduces manual paperwork and speeds up export documentation.
- Digitally signed CoOs prevent fraudulent certifications and ensure traceability.
- Facilitates smoother re-exports, trans-shipments, and intermediary trade, boosting India’s position in global supply chains.
- Faster approvals help exporters comply with international trade agreements, enhancing competitiveness.
- Aligns with India’s push for paperless trade, reinforcing DGFT’s trade facilitation efforts.
PYQ:[2011] A “closed economy” is an economy in which: (a) the money supply is fully controlled (b) deficit financing takes place (c) only exports take place (d) neither exports or imports take place |
