The approval of Electronic Certificates of Origin (e-CO) is set to play an important role in meeting the trade target of US$15 billion set by both leaders of Vietnam and India, according to Vietnamese Ambassador to India Pham Sanh Chau at the “India - Vietnam Virtual Business Meet 2020" online seminar held on May 21.
Vietnamese Ambassador to India Pham Sanh Chau
In the country’s role as the ASEAN Chair in 2020, Vietnam has been actively exchanging information with other ASEAN member countries with regard to the Indian proposals to use electronic certificates of origin, with several countries restricting travel in the context of the complicated nature of the novel coronavirus (COVID-19) epidemic, noted ambassador Chau.
This move comes following the nation receiving a proposal from the Indian Government on April 17 which urged consideration to be made and approval to be granted to the e-CO via the Indian electronic portal for the benefits of tariff preferences in line with the ASEAN-India Free Trade Agreement.
The embassy also offered a report to the Government Office in which it requests all relevant ministries to grant approval to the Indian proposals swiftly in an effort to remove difficulties faced by local firms that have been severely affected by the COVID-19 pandemic.
The Vietnamese diplomat went on to emphasis that any delays in accepting the e-CO will cause great damage to domestic businesses and make it far more challenging to reach the bilateral trade turnover target of US$15 billion which has been set by the end of the year.