Updated on July 16, 2024 02:49:50 PM
The European Free Trade Association (EFTA) is an intergovernmental organisation of four European countries: Iceland, Liechtenstein, Norway, and Switzerland. The primary objective of EFTA is to promote free trade and economic cooperation among its member states and to facilitate their participation in the broader European Single Market.
Recently, India and EFTA concluded a historic free trade agreement (FTA) after 15 years of negotiations. The India-EFTA FTA is a comprehensive trade agreement that covers a wide range of goods and services, including industrial products, agricultural commodities, and intellectual property rights. The agreement aims to eliminate or reduce tariffs and other trade barriers between India and the four EFTA member states, thereby facilitating the seamless movement of goods and services across borders.
The India-EFTA FTA is expected to provide numerous benefits to businesses and consumers in both India and the EFTA countries. For Indian exporters, the FTA will open up new markets and provide preferential access to the affluent consumers of the EFTA countries. The agreement will also reduce the cost of doing business by eliminating or reducing tariffs and other trade barriers. For consumers in India, the FTA will result in lower prices for imported goods from the EFTA countries, thereby increasing their purchasing power.
The India-EFTA FTA is a significant milestone in the economic relations between India and the EFTA countries. It is expected to boost trade and investment flows, create jobs, and contribute to the overall economic prosperity of both regions. The agreement is also a testament to the shared commitment of India and the EFTA countries to open trade and economic cooperation.
The EFTA registration is a certificate of origin for goods and services agreed upon in the free trade agreement signed between India and four European countries under the European Free Trade Association. India has signed the EFTA after 15 years of negotiation with the respective members of the association. EFTA's objective is to provide a balanced level playing field for the Indian exporters in the European market. Hence any Indian exporter or merchant trading with the EFTA member countries mainly, Iceland, Liechtenstein, Norway, and Switzerland, are required to produce the certificate of origin for their products to the customs to get full benefits of the Indo-EFTA pact.
Rules of certificate of origin are the criteria used to determine the country of origin of a product being exported. They are established through an agreement between the signatory parties of a trade agreement and serve as a basis for determining whether a product is eligible for preferential treatment.
By establishing rules of origin, signatory parties aim to ensure fair and transparent trade between their countries and prevent fraud or abuse of the trade agreement's provisions.
Proof of origin involves providing documentation or evidence that establishes the origin or place of manufacture of a product or goods. This is often a requirement in international trade to confirm the country of origin of the items being traded.
Exporters are required to give evidence of the Product's origin by any of the following means:-
The applicants are required to fill out a form with respective authorities for the registration cum membership certificate.
Once the application form is duly completed the applicants are required to attach documents and details for their products and the nature of the firm.
Once the documentation is duly completed, applicants must make a payment on the portal for their registration to be completed.
Once the application is submitted, the authorities will verify all the details. Once the verification is completed the certificate of origin will be issued to the respective applicant/Firm.
The cost of registering for the EFTA certificate, which includes our professional fees, is ₹3,236. The validity of the registration is upto 12 months from the date of its issuance. Exporters can apply for re-issuance of the certificate of origin once the validity period has expired.
| Particulars | Fees |
|---|---|
| Government Fee | ₹736 |
| Application fee | ₹2000 |
| One-time registration fee | ₹500 |
| Total Fee | ₹3236 |
Note: The validity of the application is up for 12 months from the day of its issuance.
If the Product meets the following criteria, it will be considered to have come from a contracting nation and be eligible for preferential treatment.
The main advantage of this agreement is that it facilitates the exchange of goods and services between the two nations. This, in turn, has the potential to increase trade and economic growth.
The EFTA Registration process is designed to uphold the integrity and quality of Indian exports, foster trust among trading partners, and simplify customs procedures within the EFTA region. By obtaining the EFTA Registration, Indian merchants and exporters can access lucrative markets and enhance their competitive advantage in the global marketplace.
At Professional Utilities, we leverage our industry knowledge and expertise to help businesses navigate complex regulations, minimize risks, and optimize operations for maximum efficiency and profitability.
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The EFTA stands for European Free Trade Association. The purpose of EFTA is to promote trade among respective European nations.
You can get the EFTA certificate of origin in 3 simple steps.
According to the agreement, an exporter must fulfil certain conditions to ensure their products meet the origin criteria.
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