SEOUL – South Korea and Asean have agreed to address sticky issues in customs procedures for better implementation of their free trade agreement, the Finance Ministry today said.
Under the agreement, South Korean firms will be able to receive tariff benefits if they submit a copy of the certificates of origin when they export goods to the 10 member states of Asean, Yonhap news agency quoted the Economy and Finance Ministry as saying.
South Korean exporters have had difficulties as the Covid-19 pandemic delays international shipments of certificates of origin, it said.
South Korea proposed that it and the economic bloc mutually approve a copy of such certificates until the pandemic is brought under control, and Asean accepted the offer, according to the ministry.
They have decided to discuss later on when they would end the measure, after taking into account the Covid-19 situation.
Since the free trade deal between South Korea and Asean took effect in June 2007, the country’s trade with the economic bloc has more than doubled.
Asean comprises Malaysia, Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Thailand, Singapore, and Vietnam.
Asean currently stands as the second-largest trading partner for South Korea, with trade reaching US$143.8 billion (RM608.63 billion) last year, more than doubling from the US$61.8 billion tallied in 2006. – Bernama, December 6, 2021
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