Martial Arts, 'Miju Region Automobile...Parts Origin Regulations Briefing' Held

Martial Arts Trade Support Center Provides Consulting Services on USMCA Origin Utilization

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) announced that it held an "Explanation Session on Rules of Origin for Automotive and Parts Export Companies in the Americas" on the 22nd.

At the session, information was provided on the rules of origin for automobiles and parts under the United States-Mexico-Canada Agreement (USMCA), which came into effect on the 1st, targeting Korean companies that have entered the North American market or are included in the supply chain of the region. In particular, the rules of origin for automobiles and parts were explained mainly through practical application cases along with interpretations of the agreement text, receiving great responses from attendees.

Je Hyeon-jeong, Director of the Trade Support Center at KITA, said, "Since USMCA is not an agreement concluded by Korea, companies face many difficulties in obtaining related information domestically," adding, "KITA plans to actively support Korean companies operating in the North American region through the 'USMCA Rules of Origin Specialized Consulting Service.'"

Byun Jae-taek, Officer at the Ministry of Trade, Industry and Energy, advised, "The USMCA automotive rules of origin have strengthened the regional value content and labor value content standards to attract automotive industry jobs to the North American region, especially the United States," and added, "Companies entering North America should carefully compare the costs incurred during supply chain adjustments to meet the rules of origin and the benefits such as preferential tariffs from meeting the standards when planning future investments."

Ahn Hee-jun, Customs Consultant at Samjong KPMG, stated, "The United States, Mexico, and Canada have clarified the scope of application and calculation methods for the automotive rules of origin, including regional value content, labor value content, and steel and aluminum procurement requirements, through the USMCA Uniform Regulations," and emphasized, "It is important for companies to apply the regulations according to accurate parts classification when determining USMCA origin."

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