KITA News and Reports
  • KITA Held ‘Strategies to Utilize FTA in Practice’
    2018-06-25

    KITA Held ‘Strategies to Utilize FTA in Practice’

     

     

    - Shared knowhow how to practice procedural rights and objection manner for the country of origin verification at each phase… to minimize tax risks -

     

     

    The FTA Support Center of the Korea International Trade Association (Head: Vice-chairman Han Jin-hyun) held a seminar on ‘Strategies to Utilize FTA in Practice’ jointly with a law firm DR & AJU at Trade Tower in Samseong-dong on June 20.

     

    The seminar discussed procedural rights and objection manner for the countr of origin verification for importers, and how to respond to post-verification of origin for exporters focusing on the real cases. The executive members and employees of more than 50 trade companies, including the metalizing film capacitor, automobile seats, and clothing manufacturers, participated in the seminar and had an active Q&A session as well as individual consultation meetings.

     

    An attorney Kang Hun-koo at DR & AJU, who serves at the customs appeal committee, delivered a presentation and said, "We can minimize the taxation risk caused by the disapproval of the country of origin only when we exercise appropriate rights depending on the stages of the country of origin investigation." The attorney also stressed, "To do this, it is important for the companies to fully understand the steps and procedures to exercise their rights in a phased manner and respond to the situation."

     

    A customs broker Lee Young-ji at the FTA Support Center said, "As the number of countries that have signed free trade agreements with Korea has increased, the utilization rate of the FTA by Korean exporters is gradually increasing. However, there are many cases of damage due to lack of preparation for post-verification of importing countries.” The customs broker asked the companies to be thoroughly prepared in advance by taking advantage of consultations for individual companies, training and seminars, and call center consultations, etc., provided by the FTA Support Center.

     

    Han Chang-Hoe, head of FTA Origin Support Department of the Korea International Trade Association, who organized the seminar said, “The FTA Support Center is planning to hold a total of 50 national tour seminars this year in order to raise understanding and practical use of the FTA and the Customs Act of the officers who are in charge in companies.

     

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