Japanese companies in India facing serious problems
Over 600 Japanese companies have showed up recently at a webinar to discuss issues related to India’s new customs rules
New Delhi: Over 600 Japanese companies showed up recently at a webinar to discuss issues related to India's new Customs Rules of Origin under CAROTAR 2020.
As per a report in Asian Community News, the mandatory declaration of country of origin, as well as cost of components of imported goods by the importers under newly-implemented Rules of Origin, have emerged as a cause of serious concern among various nations, especially the countries with which India has entered into Foreign Trade Agreement (FTA) such as Japan, South Korea, and ASEAN.
'All such problems came to the fore during a webinar conducted jointly by the Embassy of Japan in India, the Japan External Trade Organisation (JETRO), and the Japan Chamber of Commerce and Industry in India (JCCII). More than 600 Japanese companies turned up during the webinar which is a clear indication of the severity of the problems related to the implementation of the provisions of new Rules of Origin laid under CAROTAR 2020," the report said.
JETRO was represented by YasuyukiMurahashi, Chief Director-General, and the Japan Embassy by Yuichi Koshikawa, Second Secretary, Economic Section.
According to JETRO Chief DG, India entered into FTA with countries like Japan and other ASEAN countries for extending the benefit of low custom charges to them and it was good for promoting bilateral business. But the new Rules of Origin (CAROTAR 2020) is creating new problems for the companies at the port level.