India-Korea Electronic Origin Data Exchange System
Why in news ?
India-Korea Electronic Origin Data Exchange System (EODES) for faster clearance of imported goods launched.
Objective of EODES
The Electronic Origin Data Exchange System aims to facilitate the seamless implementation of the India-Korea Comprehensive Economic Partnership Agreement (CEPA). It achieves this by electronically exchanging origin information for goods traded under the CEPA between the customs administrations of both countries.
Streamlining Customs Procedures
The system ensures that data fields in a Certificate of Origin (CoO) are promptly shared electronically by the exporting customs administration with the importing customs as soon as the certificate is issued. This streamlined process is expected to expedite the clearance of imported goods.
Commitment to Utilization
With the soft launch of the EODES, both sides reaffirmed their commitment to the system’s early utilization in a live environment. This commitment underscores the mutual acknowledgment that the launch marks a significant milestone in the flourishing bilateral relations between India and Korea. The successful implementation of the EODES is expected to enhance efficiency and collaboration in trade between the two nations.
India-Republic of Korea Bilateral Relations
- Diplomatic relations : They established diplomatic relations on 10 December 1973.
- Both countries formed a “Strategic Partnership”in 2010, which was elevated to “Special Strategic Partnership” in 2015 during the State Visit of Prime Minister Narendra Modi to Seoul.
- India’s Role in Korean War: India played an important role in the Korean peninsula after Korea’s independence in 1945.
- Former Indian diplomat Shri K P S Menon was the Chairman of the 9-member UN Commission set up in 1947 to hold elections in Korea .
- Economic Relations: Trade and economic relations gathered momentum following the implementation of CEPA in 2010.
- India and ROK launched an initiative ‘Korea Plus’ to promote and facilitate Korean investments in India.
- Bilateral trade in 2022 reached record levels of US$ 27.8 billion.
- India’s import volume stands at US$ 18.8 billion, while the export volume is US$ 9 billion.
Defence Relations:
The Defence Ministers of ROK and India have been interacting regularly since 2015.
Service level talks across the three arms of the military are held annually.
Source – PIB
