Tuesday Nov 26, 2024
Tuesday Nov 26, 2024
Friday, 31 March 2023 00:05 - - {{hitsCtrl.values.hits}}
Trade, Commerce, and Food Security Minister Nalin Fernando,with the teams from ITC and the Department of Commerce
Trade, Commerce and Food Security Minister Nalin Fernando in Colombo was presented the new Electronic Certificate of Origin (eCoO) system yesterday by the International Trade Centre (ITC) team, led by Program Manager and Trade Facilitation Advisor Raghad Altalli.
The new eCoO system, implemented by the Department of Commerce (DoC), is a fully digital solution that would revolutionise trade by simplifying and significantly accelerating the issuance of Preferential Certificates of Origin, which are crucial in determining the origin of goods and their eligibility for preferential treatment under all trade agreements.
During her weeklong visit to Sri Lanka Altalli met with Minister Fernando in the context of the Trade Facilitation for SMEs project, implemented by the ITC, a joint agency of UN and WTO, and the Deutsche Gesellschaft for Internationale Zusammenarbeit (GIZ), and funded by the German Federal Ministry for Economic Cooperation and Development (BMZ).
Earlier this week the Department of Commerce went fully digital under the ISFTA – the India Sri Lanka Free Trade Agreement.The eCoO system has achieved an impressive 94% reduction in the total time required to obtain a CoO and has cut down on the processing time to only 30 minutes.
Furthermore, the new system eliminates all processing costs, making it a highly efficient and cost-effective solution for exporters, who no longer need to travel to DoC or banks and can complete the process online without printing any documents. Minister Fernando expressed his appreciation for the eCoO system, which will significantly benefit exporters and the DoC officials. He said: “I am pleased to see the implementation of the eCoO system, which is a game-changer for Sri Lankan exporters. It is a significant step towards improving trade facilitation in the country and promoting economic growth”.
The eCoO system was developed in response to the challenges posed by the Covid-19 pandemic, subsequent economic crisis, and fuel crisis, which made it difficult for exporters to travel and be physically present at the DoC for documentation purposes. This innovative solution will enable Sri Lankan exporters to obtain CoOs without any hassle, saving them considerable time and money.
In addition to the eCoO system, ITC and GIZ are working with the Export Development Board (EDB), the National Plant Quarantine Service (NPQS), and the National Trade Facilitation Committee (NTFC) to automate processes, develop new systems, issue certifications and implement ePayment gateways. The Trade Facilitation for SMEs project will continue to support and empower SMEs to increase their participation in international trade and strengthen Sri Lanka’s economy.
