India strengthens import origin investigation, South Korea and other export companies increase burde
- Author:Kyrie
- Source:Sunny
- Release Date:2020-09-11
Yonhap News reported on September 10 that according to the Korea Trade and Investment Promotion Corporation on the 10th, the Indian government revised the "Regulations on the Management of Origin of Trade Agreements" in August after amending the "Tariff Law" in April this year, adding certification Terms of origin of imported goods, provision of necessary additional documents, etc.
If the Indian Customs considers that the existing documents cannot prove the origin, it may request the importer to provide additional information. If the proof of the origin document is insufficient or not submitted within the prescribed time limit, the Indian Customs may conduct additional verification measures such as a comprehensive investigation of the importer’s imported products or terminate the preferential treatment. The new regulations will be implemented on the 21st of this month. The new Indian regulations have increased the burden on export companies such as South Korea.
It is reported that the background of the introduction of this measure is to prevent too many Chinese goods from entering India through the FTA while India's foreign trade deficit is increasing. At present, 70% of India's pharmaceutical raw materials and main air-conditioning components are imported from China, which has the largest trade deficit with China. In addition, the Indian Minister of Commerce also publicly announced that it will raise tariffs on imported auto parts, which has caused concerns among Korean companies. It is reported that the export value of Korean auto parts to India last year was 1.14 billion U.S. dollars, ranking second after China.
If the Indian Customs considers that the existing documents cannot prove the origin, it may request the importer to provide additional information. If the proof of the origin document is insufficient or not submitted within the prescribed time limit, the Indian Customs may conduct additional verification measures such as a comprehensive investigation of the importer’s imported products or terminate the preferential treatment. The new regulations will be implemented on the 21st of this month. The new Indian regulations have increased the burden on export companies such as South Korea.
It is reported that the background of the introduction of this measure is to prevent too many Chinese goods from entering India through the FTA while India's foreign trade deficit is increasing. At present, 70% of India's pharmaceutical raw materials and main air-conditioning components are imported from China, which has the largest trade deficit with China. In addition, the Indian Minister of Commerce also publicly announced that it will raise tariffs on imported auto parts, which has caused concerns among Korean companies. It is reported that the export value of Korean auto parts to India last year was 1.14 billion U.S. dollars, ranking second after China.