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Trade Update 8
WEEKLY TRADE UPDATE
Foreign Trade Updates
Measures taken by the licensing authority, Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry.
A. Policy for exporters using the self-certified system for EU-GSP Registered Exporter System.
The DGFT, vide Trade Notice 49/2019-20 dated February 11, 2020, has issued a new policy for exporters using the self-certified system for EU-GSP Registered Exporter System.
The EU Generalised Scheme of Preferences (GSP) provides developing countries preferential access to the EU market through reduced tariffs. To qualify for preferential duty rates, products originating in the beneficiary countries of the EU’s GSP, including India, had to be accompanied by a proof of origin. From 2017 onwards, this proof could be a self-certified Statement of Origin issued by the exporter, if it is registered in the EU’s Registered Exporter System and possesses a REX number.
Vide this Trade Notice, exporters must now submit fortnightly statements in prescribed formats on the Statement of Origin Certificates issued by them under the REX. The exporters have also been requested to respond to verification requests by EU within prescribed time limit, failing which the REX number may be annulled.
The Trade Notice has also annexed a Frequently Asked Questions section on the EU GSP Origin Criteria.
Trade Remedy Measures Update
The Department of Revenue, Ministry of Finance has recently imposed/ revoked/ extended the following trade remedy duties.
• February 10, 2020- Anti-dumping duty imposed and under Sunset Review on “‘Acetone’” originating in or exported from Korea RP, Taiwan and Saudi Arabia has been extended till
April 15, 2020 vide Customs (ADD) Notification No. 4/2020 dated February 10, 2020.