'Final RCEP Signing' Kimchi Export Tariff 5→0%…MOF "Expecting ASEAN Export Expansion"

Final Signing of the RCEP Agreement at the Summit Meeting

Ministry of Oceans and Fisheries: "Protecting Domestic Sensitive Seafood While Expanding Market Opportunities for Member Countries"
Maintaining Current Tariffs on Domestic Sensitive Seafood such as Shrimp, Squid, Sea Bream, Scallops, and Yellowtail
Meanwhile, Tariffs on Skipjack Tuna, Yellowfin Tuna (Frozen), and Gim (Dried) are Set to 0%

[Sejong=Asia Economy, Reporter Joo Sang-don] With the final signing of the Regional Comprehensive Economic Partnership (RCEP), our seafood market is set to expand further. In particular, the removal of tariffs on gim and skipjack tuna, which are mainly exported to the ASEAN region, is expected to boost exports to this area.

The Ministry of Oceans and Fisheries announced on the 15th, during the '4th RCEP Summit,' that the fisheries sector negotiations have been concluded following the final signing of the agreement.

A Ministry of Oceans and Fisheries official explained, "In the RCEP fisheries negotiations, current tariffs were maintained on domestic sensitive seafood such as shrimp, squid, sea bream, scallops, and yellowtail," adding, "The negotiations were concluded at a level that minimizes additional market opening based on previously concluded Free Trade Agreements (FTAs)."

First, negotiations with China were concluded without additional market opening, maintaining the same level as the existing FTA (effective 2015). For Japan, this is the first FTA between Korea and Japan, but considering sensitivity, market opening was limited to 2.9% ($4 million) of the average total imports ($1.42 billion) and 4.1% ($31 million) of total exports ($7.54 billion) from 2017 to 2019. Major sensitive items such as sea bream, scallops, and yellowtail maintained current tariffs.

Regarding ASEAN, additional market opening was 1.6% ($5 million) of the average total imports ($326 million) and 97.9% ($291 million) of total exports ($297 million) from 2017 to 2019. The 5% tariffs previously imposed on skipjack tuna (frozen), gim (dried), and yellowfin tuna (frozen), which are mainly exported to ASEAN countries, will be applied at 0% immediately upon RCEP enforcement. The Ministry of Oceans and Fisheries expects this to lay the foundation for expanding exports to the ASEAN region. For Vietnam imports, an additional 0.4% ($3 million) of the average total imports ($810 million) was opened from 2017 to 2019, and exports had already been fully opened (100%) under the existing FTA, so there were no additional negotiation contents.

Woo Dong-sik, Director of International Cooperation Policy at the Ministry of Oceans and Fisheries, stated, "We tried to minimize additional market opening based on existing FTAs, excluding domestic sensitive seafood, to minimize the impact of increased imports," and added, "We expect exports to the ASEAN region to expand following the conclusion of RCEP."

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