Public-Private Efforts to Boost FTA Exports... Strengthening Support for Origin Certification and More

Ministry of Trade, Industry and Energy Holds 'FTA Implementation and Utilization Related Agencies Council'... Full Support for Exports

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[Asia Economy Reporter Moon Chaeseok] The government and related organizations have joined forces to find a breakthrough to overcome the export slump through Free Trade Agreements (FTAs).

The Ministry of Trade, Industry and Energy will hold the "15th FTA Implementation and Utilization Related Agencies Council" at 2 p.m. on the 27th at the Korea International Trade Association.

Presided over by Na Seung-sik, Director General of Trade and Investment at the Ministry of Trade, Industry and Energy, six government ministries including the Ministry of Employment and Labor and the Ministry of SMEs and Startups, six related organizations including the Trade Association, and 12 industry-specific associations such as the Korea Machinery Industry Promotion Association will participate.

The council will discuss measures to enhance FTA utilization to revive export vitality. Considering the COVID-19 situation, some organizations will participate via video conference.

At the meeting, the government is expected to agree on continuously strengthening the FTA utilization support system to respond to market demands and enhance the export competitiveness of Korean companies in the changed trade environment due to COVID-19.

The government plans to promote ▲strengthening consulting through regional FTA support centers ▲establishing an additional overseas FTA support center in the United Kingdom ▲providing comprehensive FTA utilization support such as origin certification.

In particular, support for domestic companies to enter famous overseas online platforms (exemption from customs duties and origin certification) and the use of initial local market tests for new products will be expanded.

This is because, after COVID-19, cases of overseas consumers in Southeast Asia and other regions directly purchasing Korean products through cross-border e-commerce have increased.

Additionally, the government will build an integrated management system for corporate difficulties related to FTA implementation and utilization and discuss with relevant ministries expanding the scope of support under the trade adjustment assistance system, which currently only supports companies damaged by FTAs.

The private industry requested ▲resolution of unreasonable origin rules in India (Korea Machinery Industry Promotion Association, Korea Petrochemical Industry Association, Korea Iron and Steel Association, Korea Electronics and Telecommunications Industry Promotion Association) ▲provision of overseas information related to FTAs (Online Shopping Association), among others.

Participants from the government and related organizations stated that they will use all available means, including consulting with the governments of the parties through FTA implementation channels and providing necessary information to the industry, to resolve companies' difficulties.

The agenda discussed on this day will be submitted and finalized at the "Domestic Measures Committee on Trade Treaties" scheduled to be held at the end of next month through the consultation process of related organizations.

The committee, operated under the joint chairmanship of Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy and a private sector chairman, consists of 18 government members at the vice-minister level and 20 private members.

Director Na said, "Amid the recent global shake-up of multilateral trade, it is more important than ever to make the most of bilateral FTAs directly concluded by the parties," and added, "I hope all participants will join forces so that our economy can quickly overcome this difficult situation."

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