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Consider the following statements with reference to the Certificate of Origin:
1. It is mandatory for exporters availing benefits under trade agreements between the countries.
2. This Certificate helps in preventing the dumping of goods.
Q. Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements with reference to the Certificate o...
Certificate of Origin is an instrument which establishes evidence on the origin of goods imported into any country. These certificates are essential for exporters to prove where their goods come from and therefore stake their claim to whatever benefits, goods of that importing country may be eligible for in the country of exports. Exporters have to submit a certificate of origin at the landing port of the importing country. India has asked the countries, with which it has free trade agreements (FTAs), to allow imports of goods without the certificate of origin for the time being as the domestic authorities are currently not issuing the document on account of lockdown due to COVID-19 pandemic. The government has allowed issuing certificates of origin-retrospectively to eligible exports under various India’s trade agreements with other countries as offices temporarily closed and unable to issue the certificate of origin. So, statement 1 is correct.
The Certificate helps check the dumping of goods as products of other countries cannot be diverted to claim benefits under FTA. It prevents goods from countries on which anti-dumping duty has been levied from being diverted to FTA member countries. So, statement 2 is correct.
Therefore, the correct answer is (c).
Dumping – Dumping is when a country or company exports a product at a price that is lower in the foreign importing market than the price in the exporter's domestic market. Because dumping typically involves substantial export volumes of a product, it often endangers the financial viability of the product's manufacturers or producers in the importing nation.
The biggest advantage of dumping is the ability to flood a market with product prices that are often considered unfair. Dumping is legal under WTO rules unless the foreign country can reliably show the negative effects the exporting firm has caused its domestic producers.
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Consider the following statements with reference to the Certificate o...
Explanation:
Statement 1: It is mandatory for exporters availing benefits under trade agreements between the countries.
- The first statement is correct. Certificate of Origin is a document that is required by customs authorities to verify the country of origin of the goods being exported.
- It is especially crucial for exporters who are availing benefits under trade agreements between countries, as it helps in ensuring that the goods meet the rules of origin criteria specified in the agreement.
- Without a Certificate of Origin, the exporters may not be able to claim the benefits or preferential tariffs offered under the trade agreements.
Statement 2: This Certificate helps in preventing the dumping of goods.
- The second statement is incorrect. The Certificate of Origin is primarily used to establish the origin of goods and ensure compliance with trade agreement requirements.
- While it does play a role in preventing misdeclaration of the origin of goods, preventing dumping of goods is not its primary purpose.
- Dumping refers to the practice of exporting goods at a price lower than the domestic market price, which can harm domestic industries. Measures to prevent dumping typically involve anti-dumping duties and regulations, rather than the Certificate of Origin.
Therefore, the correct answer is Both 1 and 2 (Option C), as the first statement is true while the second statement is false.
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Consider the following statements with reference to the Certificate of Origin:1. It is mandatory for exporters availing benefits under trade agreements between the countries.2. This Certificate helps in preventing the dumping of goods.Q. Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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