A Certificate of Origin (CO) is often required by the importing country when engaging in foreign trade as an exporter. The Certificate of Origin shall certify and declare the countries involved in the production or manufacturing process of the products included in the export delivery. Importing countries rely on Certificates of Origin to determine the appropriate taxable duties and to evaluate the legitimacy of the commodities.
What is a Certificate of Origin?
The Certificate of Origin is a document used during international trade. Exports must complete the procedure and receive a certificate from the approved government authority. (In most countries, it is the Chamber of Commerce). It requires the attestation that the products in a specific export shipment are manufactured, produced or processed in a particular country. The origin of the commodity corresponds to the region from which it is produced and not the country from which it is delivered. The Chamber of Commerce is the regulatory body awarding the Certification of Origin and most exporters depend on the authority to process the Certificates of Origin in the UAE. These official documents will be presented out into two different forms in Dubai depending on your current trading practice:
- Non-preferential Certificates of Origin:
The most common practice, these certificates do not offer any distinct advantages to the trade.
- Preferential Certificate of Origin:
Certificates that provide reduced tariff rates and special other privileges dependant on the issuing country and related fees. Here, the local authority responsible for the distributions of these certificates is the Chamber of Commerce in Dubai. The organization oversees the authorized working practices for local and foreign trading companies within the encompassing lands of Dubai.
History of Certificate of Origin
Globalization has led to unprecedented growth in interconnectivity between countries, and many states depend on chambers of commerce to oversee and administer Certificates of Origin. The Geneva Convention of 1923 led to the advent of a delegation of certificates of origin to state chambers. It was at the Convention that chambers were formed to be competent, impartial and answerable third parties capable of delegating the potential needs of Certificates of Origin.
