New points about rules of origin in AKFTA

VCN - The Ministry of Trade and Industry promulgated Circular 04/2024/TT-BCT amending and supplementing some articles of Circular 20/2014/TT-BCT dated June 25, 2014; the circular took effect from May 11, 2024.
Customs officers of Saigon port area 4 inspected imported goods. Photo: T.H
Customs officers of Saigon port area 4 inspected imported goods. Photo: T.H

Accordingly, to implementing 3rd protocol amending some provisions on Rules of Origin and Tariffs of Trade in Goods Agreement under the Framework Agreement on Comprehensive Economic Cooperation ASEAN – Republic of Korea (AKFTA) approved by the Government in Resolution No. 150/NQ-CP dated September 22, 2023, the Ministry of Industry and Trade issued Circular No. 04/2024/TT-BCT dated March 27, 2024 amending and supplementing some articles of Circular No. 20/2014/TT-BCT dated June 25, 2014.

The circular amending Article 4, Appendix I (Rules of Origin) issued together with Circular No. 20/2014/TT-BCT on granting the right to choose the formula for calculating regional value content (RVC) following direct or indirect calculation to exporters/manufacturers for fixed use throughout a financial year and for post-audit verification.

Amending Clause 1, Article 5, Appendix V (procedures for issuance and inspection of C/O) issued together with Circular No. 20/2014/TT-BCT on legalizing the practice of choosing to issue electronic C/O (signed, stamped and issued electronically) or traditional C/O issuance (signed, stamped and issued by hand). According to the Import-Export Department (Ministry of Industry and Trade), the issuance of C/O in electronic form as mentioned above has been applied by Korea and accepted by ASEAN Customs authorities since 2008 after the parties signed the AKFTA Agreement.

Amend the name "ASEAN - Korea Free Trade Area Agreement" to " Trade in Goods Agreement Agreement under the Framework Agreement on Comprehensive Economic Cooperation ASEAN – Republic of Korea".

By Ngọc Linh/Thanh Thuy

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