Awards for Companies and Customs Brokers Utilizing the Korea-Turkey FTA

Government Holds Awards Ceremony for 'Wise FTA Utilization Life'
Awards for Meritorious Service in '2020 FTA Utilization and Domestic Supplementary Measures'
Awards Ceremony for 'University (Graduate) Students FTA Utilization Idea Competition'

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] The government has stepped up to encourage companies that have wisely utilized Free Trade Agreements (FTAs) to increase exports.

The Ministry of Trade, Industry and Energy announced that, together with the Korea International Trade Association, it will hold the '2020 FTA Utilization and Domestic Supplementary Measures Merit Awards' and the '8th University (Graduate) Student FTA Utilization Idea Competition Awards Ceremony' starting at 11 a.m. on the 10th.

The event, held at the Grand InterContinental Parnas Hotel in Seoul, will minimize the number of participants from 43 to 14 in accordance with the COVID-19 2.5-level social distancing guidelines.

At this year’s awards ceremony, a total of 43 individuals (32 entries) who contributed to FTA utilization and competition excellence will receive Presidential Commendations, Prime Minister Commendations, Minister of Trade, Industry and Energy Commendations, and certificates (with prize money).

In the field of FTA utilization, a total of 22 awards will be given: 1 Presidential Group Commendation, 1 Prime Minister Commendation, and 21 Ministerial Awards (6 groups, 15 individuals).

FTA utilization refers to applying preferential FTA tariffs to exports by proving the origin of goods (certifying that the export products were made within the FTA partner countries) when exporting to FTA partner countries.

Hohwon, a company specializing in automobile parts production, will receive the Presidential Commendation. After establishing a factory in Turkey in 2010, Hohwon increased exports by securing price competitiveness through the Korea-Turkey FTA (24.1 billion KRW in 2015 → 37 billion KRW last year).

The company also led mutual growth by supporting partner companies in enhancing their origin management capabilities.

Kwon Donghyun, a customs broker at the Gyeonggi FTA Utilization Support Center, will receive the Prime Minister Commendation. He was recognized for his contributions over the past five years as an on-site customs broker at the center, providing FTA utilization consulting to about 200 small and medium-sized enterprises.

The newly established 'Merit in Domestic Supplementary Measures for FTA' category this year will be awarded to employees from five public and private institutions including Korea Electric Power Corporation, Hyundai Engineering & Construction, KEPCO KPS, Kangwon Land, and Lotte Fine Chemical.

They contributed to the activation of the win-win cooperation fund established to mitigate damage to domestic agriculture and fisheries and enhance competitiveness after FTA implementation. They donated to the fund and discovered new business models.

Na Seungsik, Director of the Trade and Investment Office at the Ministry of Trade, Industry and Energy, said in his congratulatory remarks, "I express my gratitude to the companies that achieved results such as export expansion through FTA utilization despite the difficult and uncertain export environment caused by the spread of protectionism and the global economic downturn due to COVID-19."

In the 'University (Graduate) Student FTA Utilization Idea Competition,' which saw participation from 60 teams (1 to 4 members per team) nationwide, four final teams will receive awards.

Prizes include one Minister of Trade, Industry and Energy Award (with a 2 million KRW prize), the Korea International Trade Association President’s Award, two Excellence Awards (each with 1.5 million KRW), and one Merit Award (1 million KRW).

The Maximus team from Kyung Hee University presented the idea "Makgeolli Market, Let's Trade, Let's Export!" and won the grand prize, the Minister of Trade, Industry and Energy Award.

The idea proposed exporting raw Makgeolli as a Makgeolli powder semi-finished product to apply tariff benefits under the Korea-ASEAN (Association of Southeast Asian Nations) FTA.

This idea was suggested to overcome the disadvantages of exporting finished raw Makgeolli, which has a short shelf life and high tariff rates, reducing competitiveness.

Director Na said, "We will continue to work together with industry, academia, research institutes, related organizations, and the government to create more success stories. I hope companies actively utilize domestic and international FTA support institutions to expand exports and resolve difficulties."

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