New points about rules of origin in AKFTA
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".
Related News
Nearly 7,000 tariff lines of AKFTA product specific rules need to be transposed
15:20 | 29/03/2024 Import-Export
Customs instructs C/O submission for imported cane sugar products
09:38 | 13/03/2024 Regulations
Customs solves 6 problems related to the origin of goods
09:40 | 14/12/2023 Regulations
Actively connecting Single Window with ASEAN and non-ASEAN countries
14:41 | 10/10/2023 Customs
Latest News
Risk prevention solutions for processing and export manufacturing businesses
07:52 | 29/04/2024 Regulations
Reporting to the National Assembly for considering VAT reduction in the second half of 2024
17:09 | 14/04/2024 Regulations
The Prime Minister requested that before April 25, complete the revision of regulations on import and export of medicinal materials
10:33 | 13/04/2024 Regulations
No need to reduce the output of manufacturing and assembling automobile to enjoy preferential tariff
09:09 | 11/04/2024 Regulations
More News
Hundreds of tons of cinnamon essential oil are left in inventory due to export regulations
09:31 | 10/04/2024 Regulations
Business suspension of temporary import and re-export of Monazite ores and ore concentrates will be valid on May 13th
20:09 | 07/04/2024 Regulations
Improving the customs legal system to be modern, synchronous, unified and transparent
10:33 | 07/04/2024 Regulations
It is necessary to build a national database on cross-border trade and transport
15:23 | 29/03/2024 Regulations
Removing difficulties in tax exemption and refund policies for export processing enterprises
14:48 | 27/03/2024 Regulations
Reviewing the list of scrap that is temporarily suspended from temporary import and re-export business
15:41 | 24/03/2024 Regulations
New law expected to boost financial leasing
14:05 | 22/03/2024 Regulations
5% VAT on fertilisers to create fairer market: domestic producers
14:03 | 22/03/2024 Regulations
Why not reduce export tax on fertilizer products to 0%?
09:37 | 21/03/2024 Regulations
Your care
Risk prevention solutions for processing and export manufacturing businesses
07:52 | 29/04/2024 Regulations
Reporting to the National Assembly for considering VAT reduction in the second half of 2024
17:09 | 14/04/2024 Regulations
The Prime Minister requested that before April 25, complete the revision of regulations on import and export of medicinal materials
10:33 | 13/04/2024 Regulations
No need to reduce the output of manufacturing and assembling automobile to enjoy preferential tariff
09:09 | 11/04/2024 Regulations
Hundreds of tons of cinnamon essential oil are left in inventory due to export regulations
09:31 | 10/04/2024 Regulations