Source: Socialist Republic of Vietnam
The diplomat was quoted as saying at a recent virtual workshop that eCO will drive two-way trade between the two countries up to the target figure of US$15 billion, particularly in the context of the coronavirus currently disrupting global trade.
The Indian government already sent a notice to ASEAN countries on April 27, asking them to approve eCO issued via its digital platform.
Immediately after that, Vietnam, as ASEAN Chair in 2020, actively discussed with the regional countries about India’s proposal in the current context of both lockdowns and travel restrictions around the world due to the coronavirus pandemic.
India’s proposal is also in line with tariff preferences under the ASEAN-India Free Trade Agreement.
Several countries such as Cambodia, Singapore, Malaysia, the Philippines and Myanmar have agreed on or are revising their regulations in order to accept India’s electronic certificates of origin.
The Vietnamese Embassy in India has also reported to the Government Office and relevant ministries to seek early approval of India’s proposal, which is expected to be a significant step forward in trade between India and ASEAN in general and Vietnam in particular.