Exporters get a boost, to be able to issue Certificate of Origin

Exporters get a boost, to be able to issue Certificate of Origin
Exporters will now be able to issue the certificate of origin to enjoy the generalised system of preferences (GSP) facility in the European Union, instead of relying on the Export Promotion Bureau (EPB) for the document. This will save time and cut cost for exporters, said Commerce Minister Tipu Munshi, according to a statement. This will allow exporters to enjoy the GSP benefit quickly after sending a shipment.

According to the commerce ministry statement, the new system was introduced in line with the rules of the World Trade Organisation. Local exporters have long been demanding the introduction of the Rex system. Under the new system, exporters will bear all the responsibilities for the exports, while the EPB will supervise it.

The Rex system will progressively and completely replace the current system of origin certification based on certificates of origin issued by government authorities and on invoice declarations made out under certain conditions by economic operators.

A certificate of origin is an important international trade document that certifies that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in a particular country. It also serves as a declaration by the exporter. The minister said exporters would be able to issue the certificate because of the introduction of the registered exporter system (the Rex system).

Bangladesh has been enjoying the GSP facility since 1971 under the EU’s “Everything but Arms” scheme. The transition period from the current system of origin certification to the Rex system started for Bangladesh on January 1 this year and will last until December 31 this year, according to the European Commission website. Exporters will have to apply to become registered exporters by filling in an application form and by returning it to the EPB.

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