Archives For Rules of Origin

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The world’s first blockchain-based platform for electronic certificates of origin (eCOs) was unveiled in Singapore on Tuesday.

The platform is the result of a partnership between the Singapore International Chamber of Commerce  (SICC) and Singapore-based vCargo Cloud. As the first chamber in the world to implement blockchain-based eCOs, SICC seeks to provide its members and trade-related agencies, including trade financing and insurance firms, with a system that offers higher security, efficiency and flexibility. The platform aims to vastly improve transparency, security and efficiency in authenticating trade documents. It permits instant verification of eCOs and runs on a private blockchain network that prevents fraud, alterations and third-party interference.

SICC says the platform represents a quantum leap in processing trade-related documents by hosting information of trade transactions on a tamper-proof distributed ledger system, which can be authenticated and accessed by various stakeholders of the platform. The platform uses QR codes, allowing eCOs to be scanned using smart phones and then printed. The number of allowable prints is restricted to prevent unauthorized duplicates. This improves efficiency and minimizes the costs of verifying COs, removing a major impediment in the process and a frequent cause of high insurance or trade finance costs.

vCargo Cloud intends to leverage on the Singapore launch to promote the platform globally, beginning with Asian countries that are substantive manufacturing exporters such as Japan, Myanmar and Sri Lanka, using a pay-per-use model.

The launch of the blockchain-based eCO platform comes amidst the Singapore Government’s call for a Self-Certification regime through the ASEAN Single Window, which aims to expedite freight clearance and reduce manual paperwork across all 10 member countries.

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Source: Maritime Executive, original article published 8 May 2018.

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SARS R78 million Airport Cash BustIn order to assist Members with the updating of their existing Rules of Origin in relation to changes in the Harmonized System, the WCO has issued the “Guide for the technical update of Preferential Rules of Origin“. The Guide is available for WCO Members only.

Classification and origin determination of goods are closely interlinked. It is therefore critically important to update Rules of Origin (i.e. Product Specific Rules) to ensure consistency between HS classification and origin determination. This would help to prevent misapplication of Rules of Origin, ensure efficient and effective revenue collection and facilitate trade. Source: WCO

Picture1Social media certainly provides a useful platform to share ones knowledge experience and creativity. I spotted this one on a LinkedIn group which should certainly be useful for US shippers and trade practitioners. The designer Jason Ge, Senior .NET Consultant at Mercer, has created a web-based tool for analyzing the origin status of bills of materials. It contains more than 6000 rules of origin of these US-based free trade agreements:

North American Free Trade Agreement
U.S. – Chile Free Trade Agreement
U.S. – Australia Free Trade Agreement
U.S. – Central America / Dominican Republic Free Trade Agreement
U.S. – Colombia Free Trade Agreement
U.S. – Korea Free Trade Agreement
U.S. – Panama Free Trade Agreement
U.S. – Peru Free Trade Agreement
U.S. – Singapore Free Trade Agreement

If you want to quickly check your product’s origin status, this would be a good tool to use. Try it out for free at – https://www.originreview.com