"Trade Remedy Costs Reduced by 10 Million Won"…Korea Federation of SMEs Supports Agent Appointment Fees

Headquarters of the Korea Federation of Small and Medium Business

[Asia Economy Reporter Kim Daeseop] A small and medium-sized enterprise (SME) A, which manufactures infrared heating cookers, suffered damages such as decreased sales and lowered brand value due to companies importing and selling products infringing on its patent rights from China. The company applied to the Trade Commission for an investigation into unfair trade practices to protect its rights but faced a heavy burden from the costs of hiring lawyers and patent attorneys.

By utilizing the 'Trade Remedy Agent Hiring Cost Support Program' of the Korea Federation of SMEs, company A was able to save 10 million KRW in costs. In particular, through effective response by hiring agents, they obtained a ruling from the Trade Commission ordering the opposing companies to cease sales activities, issue corrective orders, and impose fines.

The Korea Federation of SMEs announced on the 21st that, as in the case mentioned above, it supports up to 50% of the agent hiring costs, with a maximum limit of 50 million KRW, to enhance the trade damage response capabilities of domestic SMEs suffering from unfair trade practices.

The Trade Remedy Agent Hiring Cost Support Program is a system that supports part of the agent hiring costs when SMEs suffering from unfair trade practices such as anti-dumping and intellectual property infringement hire agents such as lawyers, accountants, or patent attorneys to apply for trade remedy at the Trade Commission. Eligible trade damage types include dumping, domestic industry damage due to foreign subsidies or increased imports, and violations of international trade norms by foreign countries.

If you wish to apply, you must do so within three months from the date of notification of the investigation commencement decision by the Trade Commission or after the final ruling by the Trade Commission or the final decision notification from the Ministry of Strategy and Finance.

Kim Taehwan, Director of the International Trade Department at the Korea Federation of SMEs, said, "Exporting SMEs are always exposed to the possibility of damage from unfair trade practices but lack the capacity to respond on their own, so expert help from lawyers and patent attorneys is essential," adding, "We hope that domestic SMEs suffering from unfair trade practices can be remedied through systematic responses supported by the Federation’s Trade Remedy Agent Hiring Cost Support."

This content was produced with the assistance of AI translation services.