Ministry of Industry: "Closely Cooperate on Corporate RCEP Utilization Plans"

17th FTA Implementation and Utilization Related Agencies Council

Moon Dong-min, Director General of the Trade and Investment Office at the Ministry of Trade, Industry and Energy, is presiding over the 16th FTA Implementation and Utilization Related Agencies Council held on the afternoon of the 25th at the Korea International Trade Association in Samseong-dong, Gangnam-gu, Seoul. Photo by Ministry of Trade, Industry and Energy

[Asia Economy Sejong=Reporter Dongwoo Lee] The Ministry of Trade, Industry and Energy has launched support measures to enhance corporate utilization of the Regional Comprehensive Economic Partnership (RCEP), a mega economic bloc that came into effect earlier this month.

On the 10th, the Ministry announced that it held the 17th FTA Implementation and Utilization Related Agencies Council at the Korea International Trade Association (KITA), chaired by Moon Dong-min, Director General of the Trade and Investment Office at the Ministry of Trade, Industry and Energy. This council was convened as a follow-up measure to the domestic enforcement of RCEP to assess industry difficulties and share FTA utilization support policies. Four related agencies including the Ministry of Food and Drug Safety, Korea Customs Service, KITA, and Korea Trade-Investment Promotion Agency (KOTRA), along with 12 industry-specific associations and organizations participated. RCEP is a mega economic bloc involving 15 countries including the 10 ASEAN nations, South Korea, China, Japan, Australia, and New Zealand, officially enforced domestically on the 1st of this month.

The Ministry highlighted key features of the domestically enforced RCEP, such as additional market openings for goods including automobiles, steel, textiles, machinery parts, and agricultural and marine products, as well as services markets like cultural content, distribution, and logistics. A single origin rule was established, and diversification of origin certification methods has improved convenience in utilizing FTAs. The introduction of advanced norms such as intellectual property rights protection and an e-commerce chapter has also strengthened the protection of rights for Korean companies.

Export Companies, Simplified Origin Certification Procedures

The Ministry stated that eight government ministries and 17 related agencies are implementing support projects to help Korean companies utilize FTAs including RCEP.

The Korea International Trade Association will expand existing projects such as the ‘Visiting FTA Service’ and ‘Non-tariff Barrier Resolution.’ It provides expert consultations for individual companies facing difficulties in utilizing FTAs and supports issues related to overseas certification, intellectual property rights, and customs clearance in export destination countries.

KOTRA is expanding the ‘FTA Overseas Utilization Support Centers’ that assist domestic companies locally abroad, distributing the ‘RCEP Utilization Guidebook’ and holding explanatory sessions. The Korea Chamber of Commerce and Industry introduces on-site, close support services such as simplifying origin certification procedures and operating RCEP education programs through 73 regional chambers of commerce nationwide to support export companies issuing RCEP certificates of origin.

In the industry sector, the Textile Industry Federation and Korea Nonferrous Metals Association proposed to the government issues related to the Authorized Exporter system, origin certification and post-verification, and difficulties such as tariff reductions by partner countries. The Korea Petroleum Association requested the swift promotion of the Korea-GCC FTA, and the Korea Electronics and Telecommunications Industry Promotion Association asked the government to resolve customs clearance difficulties caused by India’s pre-registration import system and strengthened origin management regulations. GCC refers to six countries: Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Oman, and Bahrain.

The government plans to immediately address issues that can be improved right away and to cooperate with relevant departments and agencies to advance matters requiring negotiations with partner countries. Director Moon said, "RCEP is the largest FTA that our country has enforced, and it is important to ensure that our companies can utilize it well," adding, "Let us, including related associations, agencies, and the government, work more closely together going forward to ensure companies face no difficulties in utilizing RCEP and other FTAs."

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