The Benefits of Electronic Certificates of Origin for International Trade
Todays economy is global, and because of this, international trade is a crucial part of business.
One essential document required for international trade is the Certificate of Origin (CO). Historically, COs have been paper-based documents, but in recent years, electronic COs (eCOs) have become increasingly popular.
The American World Chamber of Commerce (AWTCC) is a SOCA partner focused on promoting US exports and US-based exporting companies. AWTCC works with documents including electronic Certificates of Origin, Certificates of Free Sale, Certified Invoices, Manufacturers Declarations, Agent and Distributor documentation, and numerous legal documents related to international trade.
In this article, we will explore the benefits of eCOs and how AWTCCs electronic solutions make it easy, fast, and secure to work with the company.
What is a Certificate of Origin?
First, lets look at what a CO is and why it is necessary.
To put it in simple terms, a CO is a document that certifies the origin of goods. It is required by customs officials in the importing country to determine whether the goods are eligible for preferential treatment under free trade agreements or other trade agreements.
It also helps prevent fraud and ensures that the correct amount of customs dues are paid.
COs are essentially official documents that make it easy for customs officials to determine how your goods should be handled. They are highly important if you have goods or products that need special treatment during international shipping.
What is an Electronic Certificate of Origin
What is the difference between a CO and an eCO? Its simple. While a CO exists physically on a piece of paper or document, an eCO lives in the digital world, appearing as an online document.
Lets look at the advantages of using eCOs instead of paper-based documents.
Faster processing times
eCOs can be processed much faster than paper-based COs. With eCOs, you do not need to wait until a physical document arrives, which can take days or even weeks. Instead, eCOs can be processed and approved electronically, reducing processing times significantly.
Cost-effective
eCOs are more cost-effective than paper-based COs. There are no printing, shipping, or handling costs associated with eCOs, and the electronic format reduces the risk of errors, which may lead to costly delays or even the rejection of goods.
Improved security
Hackers be warned! eCOs are more secure than paper-based COs. Electronic systems use secure encryption technology to protect data and prevent unauthorized access. Additionally, eCOs cannot be lost or destroyed. This stands in stark contrast to paper-based documents which are easily damaged or misplaced.
Increased accuracy
eCOs reduce the risk of errors and inaccuracies, which is a prominent reason goods are delayed or rejected. With eCOs, data can be entered once and shared electronically, reducing the risk of transcription errors that can occur when paper documents are used.
Environmentally friendly
eCOs are more environmentally friendly than paper-based COs. The use of electronic documents reduces paper waste, which means fewer trees need to be felled and processed.
Exploring the AWTCC Difference
What is the AWTCC difference and how do AWTCCs electronic solutions make international shipping easy, fast, and secure? Here are a few of the major advantages.
- Easy to use
AWTCCs electronic solutions are user-friendly and easy to use. The company provides clear instructions on how to submit eCOs, and its customer service team is available to answer any questions or concerns.
- Fast processing times
AWTCCs electronic solutions enable fast processing times. eCOs can be submitted and approved quickly, reducing the risk of delays.
- Secure
AWTCCs electronic solutions use state-of-the-art security measures to protect data and prevent unauthorized access. Customers can be confident that their information is secure and protected.
- Cost-effective
AWTCCs electronic solutions are cost-effective. There are no printing, shipping, or courier costs associated with eCOs, and the electronic format reduces the risk of errors, which can lead to costly delays or even the rejection of goods.
- Archived
AWTCC takes on the entire responsibility of maintaining all data, copies, and records. That means less worry on your end, and peace of mind in knowing all your goods have a trackable paper trail.
Your Ohio Business Thrives with Benefits from SOCA and AWTCC
Today more businesses than ever before are taking advantage of the globalized economy. Even small and local businesses are taking advantage of international trade using the internet.
Paperless trade using eCOs is huge for many businesses that have worried about using traditional COs for international trade.
The digital transformation of the world economy has made international trade easier than ever before, and when you partner with SOCA and AWTCC, we give you all the benefits your Ohio business needs to thrive on a global scale.
AWTCC offers numerous electronic documentation benefits for those businesses that engage in international trade, including electronic Certificates of Origin, Certificates of Free Sale, Certified Invoices, Manufacturers Declarations, Agent and Distributor documentation, and much more!
Still have questions on eCOs and AWTCC? Learn more here!
To discover the difference AWTCC and SOCA could make for your Cincinnati, Cleveland, Columbus, or Dayton business, reach out to SOCA today!
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