{"id":16430,"date":"2021-02-24T21:43:12","date_gmt":"2021-02-24T16:13:12","guid":{"rendered":"https:\/\/www.grainmart.in\/news\/?p=16430"},"modified":"2021-02-24T21:43:16","modified_gmt":"2021-02-24T16:13:16","slug":"what-is-rex-why-is-it-important-for-exporters-to-register","status":"publish","type":"post","link":"https:\/\/www.grainmart.in\/news\/what-is-rex-why-is-it-important-for-exporters-to-register\/","title":{"rendered":"What is REX? Why is it Important for Exporters to Register?"},"content":{"rendered":"\n<p>REX, short for Registered Exporter System, is the new<a target=\"_blank\" href=\"https:\/\/www.grainmart.in\/news\/how-to-apply-for-certificate-of-origin-and-gsp-form-a\/\" rel=\"noreferrer noopener\">\u00a0certificate of origin\u00a0<\/a>for goods. The said system, introduced by the European Union, is for countries benefitting under preferential trade agreements.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-registered-exporter-system\">Registered Exporter System <\/h4>\n\n\n\n<p>An economic operator provides so-called self-certification that make out their statement of origin. In order to do so, the economic operator must enrol on a database by competent authorities. Following this, the economic operator becomes a registered exporter. So, the REX system will enable economic operators from benefiting countries to become registered\u00a0<a target=\"_blank\" href=\"https:\/\/www.grainmart.in\/news\/exporters-face-hardships-as-freight-rates-of-shipping-containers-soar\/\" rel=\"noreferrer noopener\">exporters<\/a>. The REX is the first applied in the Generalized System of Preferences (GSP) that enables the\u00a0<a target=\"_blank\" href=\"https:\/\/www.grainmart.in\/news\/basmati-rice-export-soars-amid-high-demand-from-eu\/\" rel=\"noreferrer noopener\">EU<\/a>\u00a0to grant unilateral tariff preferences to developing countries. Subsequently, the same will be applied in other trade agreements of the EU.\u00a0<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-rex-system-a-complete-it-based-system\">REX System- A complete IT Based System <\/h4>\n\n\n\n<p>A REX system will have a database in which the exporting nation&#8217;s authorities will register their exporters. Accordingly, the exporters that wish to export products under a preferential trade agreement will maintain the record up-to-date. This database&#8217;s primary intent is to avoid the generation of many repositories and to hold one clear record. Also, the database is accessible only with the assigned username and password.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-cod-of-goods\">COD of Goods <\/h4>\n\n\n\n<p>The REX system does not hinder the rules that determine the origin of goods. However, it highlights the method to generate the originating status of goods. Further, it specifies that only a registered exporter registered under the REX system is entitled to make a statement on the origin. Note that when the goods&#8217; value is below 6000 EUR, any exporter can make the origin statement.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-registration\">Registration <\/h4>\n\n\n\n<p>Initially, an exporter who wishes to become a registered exporter will fill an application form and submit it to the competent authority. Following that, the authority will correct and submit the said form. Subsequently, the exporter will receive acceptance in the form of a REX number. The REX number is a 35 digit alphanumerical number with reference to the issuing nation.<\/p>\n\n\n\n<p>Note that, exporter name, address, identification number, contact details, and the details of the goods must be furnished during registration. Also, Article 68, 80, 86, and 88 comprises the registration rules.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-up-to-date-record-is-mandatory\">Up to Date Record is Mandatory <\/h4>\n\n\n\n<p>The competent authorities must maintain the repository of the registered exported up to date. In case the exporter wishes to change the details, he must immediately communicate the same to the authorities. Following this, the authorities will instantly change the furnished information. If the exporter fails to do this, the registered exporter status will be revoked under the REX system. Note that, article 68. 89, and 90 of Commission Implementing Regulation, EU specifies the said revocation rule.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-application-of-the-rex-system\">Application of the REX System <\/h4>\n\n\n\n<p>The primary use of the REX system is to verify the Statement of Origin. Further, to ease the exporting for exporters from countries that benefit from preferential trade agreements. Also, the exporters can choose to publish or keep anonymous the export details.<\/p>\n\n\n\n<p>In all, this REX system implemented in 2017 helps the developing countries export and register the exporters.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>REX, short for Registered Exporter System introduced by the EU, is for countries benefiting under preferential trade agreements.<\/p>\n","protected":false},"author":12,"featured_media":16494,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[8904,24985,19958,24982,330,4757,4344,6027,15182,8908,24981,24984,24980,9791,24983,12749,24979],"class_list":["post-16430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-editorial","tag-certificate-of-origin","tag-commission-implementing-regulation","tag-developing-countries","tag-economic-operator","tag-eu","tag-european-union","tag-export","tag-export-of-goods","tag-exporters","tag-preferential-certificate-of-origin","tag-preferential-trade-agreement","tag-registered-exporter-system","tag-registered-exporters","tag-registered-office-proof","tag-rex","tag-self-certification","tag-statement-on-origin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is REX? 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