Key Points
Economic think tank Global Trade Research Initiative (GTRI) said, "The Indian exporters, EU-based importers and carriers will now be required to submit data electronically through the ICS2 system, replacing older paper-based declarations."..
Also, while the EU customs goes digital, it recognises that international trade might still involve paper documents, like bills of lading or commercial invoices, it said.. GTRI Co-Founder Ajay Srivastava said that the EU's system will also focus more on checking goods that might be risky, so that safe goods can move through customs faster...
Incorrect or missing data, late submissions, or failure to cooperate with authorities can result in financial penalties for the shipper, GTRI said, adding inaccurate or incomplete information can lead to delays in customs clearance, impacting shipping deadlines and potentially adding costs...
GTRI said that Indian exporters should start their preparations as non-compliance with ICS2 regulations or errors in data submission could lead to delays in customs clearance and potential fines, resulting in financial losses and operational disruptions...
Overall, early preparation, investing in technology solutions, and seeking guidance from relevant trade bodies can help Indian exporters benefit from the new system.. Further, GTRI said that the EU frequently intercepts Indian exports of chilies, tea, basmati rice, milk, poultry, bovine meat, fish, chemicals, generic drugs, and ayurvedic drugs to EU on various grounds and the domestic exporters and the government must closely monitor how the EU treats such products under this new system...
