New Delhi: India and South Korea launched the India-Korea Electronic Origin Data Exchange System (EODES) aimed at facilitating the smooth implementation of the India-Korea Comprehensive Economic Partnership Agreement (CEPA), the Ministry of Finance said in a statement.

The EODES will enable the electronic exchange of origin information between the two customs administrations concerning the goods traded under the CEPA.

The system was launched on Wednesday by Central Board of Indirect Taxes & Customs (CBIC) Chairman Sanjay Kumar Agarwal in the presence of Commissioner of Korea Customs Service (KCS) KO Kwang Hyo and his delegation in New Delhi.

The data fields in a Certificate of Origin (CoO) will be electronically shared by the exporting customs administration with the importing customs, as soon as the certificate is issued. This would facilitate faster clearance of imported goods.

During the event, Sanjay Kumar Agarwal highlighted the importance of Customs cooperation between India and Korea on issues such as automated data exchange, capacity-building and enforcement, and expressed hope that the success of the EODES project shall serve as a global template in the field of international Customs cooperation.

KO Kwang Hyo said that the operationalization of the system will provide a fresh impetus to preferential trade between the two countries.

With the soft launch of the EODES, India and Korea expressed commitment to its early utilization in a live environment and acknowledged that the launch will mark a major milestone in boosting the bilateral relations between the two countries.