Business Bayani PH

For decades, navigating the complexities of international trade has involved mountains of paperwork, particularly when it comes to verifying the origin of goods. This process, often reliant on paper-based certificates of origin, can be cumbersome, prone to errors, and susceptible to fraud. 

However, a new digital tool promises to revolutionize trade by streamlining verification and minimizing these risks.

Enter Genesis, a groundbreaking initiative launched by the International Chamber of Commerce (ICC) in 2022, aimed at shaking up the way preferential origin declarations are verified. This innovative platform targets exporters operating within the framework of Free Trade Agreements (FTAs), aiming to reduce mistakes, minimize fraud risks, and expedite customs clearance for goods.

So, what exactly is ICC Genesis, and how does it work? In essence, the tool acts as a digital verification platform for preferential origin declarations. Exporters can utilize the platform to submit relevant documentation electronically, allowing for faster and more accurate verification compared to traditional paper-based methods. Additionally, ICC Genesis empowers chambers of commerce with dedicated training and verification tools, further strengthening the integrity and efficiency of the process.

The benefits of using ICC Genesis are manifold for businesses and trade stakeholders alike. Firstly, the tool significantly reduces the risk of errors and fraud. By eliminating manual data entry and relying on secure digital verification, the platform minimizes the potential for human error and fraudulent declarations. This translates to smoother customs clearance for businesses, as verified declarations expedite the movement of goods through customs.

Furthermore, ICC Genesis fosters trust and credibility within the global trade ecosystem. Verified declarations issued through the platform assure both exporters and importers of the legitimacy of origin claims, facilitating smoother transactions and building trust between trading partners. Ultimately, this enhances overall trade efficiency and reduces associated costs for businesses involved in international trade.

The benefits for businesses in the Philippines include:

• Verified Self-Certification: Exporters can have their invoice declarations certified by the Philippine Chamber of Commerce and Industry (PCCI), enhancing trust in their origin statements.
• Reduced Legal Liability: Importers recognize reduced risk in transactions when they receive certified invoice declarations.
• Facilitated Customs Checks: Certification by the PCCI helps in smoother customs procedures.

However, the adoption of any new technology comes with its own set of challenges. Integrating ICC Genesis with existing trade processes and ensuring widespread awareness and training for businesses and stakeholders remain crucial aspects for successful implementation.

Looking ahead, the future of ICC Genesis appears bright. The ICC plans to expand the platform’s reach to new regions and trade corridors, further streamlining trade processes across the globe. 

Additionally, the organization is exploring integration with other trade facilitation platforms and the potential for developing new functionalities and features to further enhance the user experience and functionalities of the tool.

ICC Genesis is a game-changer for trade, using digital tools to simplify verification, boost trust, and make trade faster and cheaper for everyone.Ⓒ