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South Korea ratifies new FTA with China

Legislation | | MIC Customs Solutions |

South Korea has signed off on the implementation of a new free trade agreement with China.


South Korea's National Assembly has given the green light to a new free trade agreement with China, one of its most important international trading partners.

The new FTA is expected to become effective in December, following completion of the required administrative procedures in both countries, and is expected to lead to tariff reductions amounting to 1.5 trillion won (£863.16 million).

Rival political parties in Korea had been arguing over the potential impact the FTA could have on the country's agricultural and fisheries industries, but the government has assuaged these fears by agreeing to allocate 1 trillion won to support these sectors.

Under the FTA, the export tariff on 958 products will be eliminated immediately, with staggered reductions of other tariffs taking place over the next two decades.

If the deal becomes effective by the end of this year, the first round of tariff cuts would apply straight away and a second round of reductions would follow at the start of 2016.

Korean deputy trade minister Woo Tae-hee said: "The government plans to wrap up the domestic administrative procedure within 20 days."


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MIC - Customs and Trade Compliance Software Solutions worldwide

Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

The international requirements for companies regarding customs and trade compliance management are complex and subject to ongoing legal changes covering a multitude of topics, such as: Correct product classification, compliance with export control regulations, numerous sanction list screenings, calculation of origin based on ratified free trade agreements, supply chain security initiatives, and management of special customs regimes as part of the import and export clearance processes. In addition, country-specific legal requirements that include legislative and technical changes make it increasingly difficult to completely fulfill the requirements of international customs and trade compliance.

A partnership with MIC strengthens a company’s ability to deal with the daily operational challenges of international customs and trade compliance management. MIC has a trendsetting Global Trade Management (GTM) software solution that allows companies to standardize and automate their customs and trade compliance processes. MIC’s software solution is available on 6 continents and can be configured according to the company’s specific needs to significantly improve legal compliance, thus saving time, money, and eliminating future business disruptions.

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Global part master data management with increased degree of automation in customs tariff & export control classification of products based on regularly updated national customs tariffs and export control commodity lists.

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There are various customs regulations and requirements programs throughout the world. Examples include ACE, FTZ and Duty Drawback in the USA, IMMEX in Mexico, the Union Customs Code (UCC) in the EU (and its various national characteristics), the Free Zone in Thailand, and the China Single Window. All of these have the objective of making customs procedures simpler, more modern and more efficient.

MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.

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