[FTA HONG] Summary of the Korea-Chile FTA (FTA utilization rate, FTA utilization by industry, and summary of highlights)

 

The Korea-Chile FTA has great significance as it is the first FTA agreement signed by Korea and plays an important role as a bridgehead for Korea's entry into Latin America, and the agreement officially came into effect on April 1, 2004.

As of 2022, the export utilization rate of the Korea-Chile FTA is 66.3% and the import utilization rate is 98.6%. In the export sector, minerals have the highest level of utilization at 92.5% and miscellaneous products have the lowest level at 18.9%. In the import sector, steel and metal products have the highest utilization rate of 99.6% and miscellaneous products have the lowest utilization rate of 0.0%.

 

(Unit: Thousands of dollars)

Category	FTA	total amount	FTA preference eligible exports and imports	Apply actual FTA preferential tariffs	utilization rate(%)
			amount	amount
Export	Korea-Chile FTA	1,510,533	1,383,824	917,709	66.3
Import		6,813,184	4,399,244	4,337,383	98.6

A brief summary of the provisions of the Korea-Chile FTA related to trade in goods is as follows. However, this is for reference purposes only and you should check the agreement for the exact provisions.

Category		Contents
into force date		2004. 04. 01.
Agreement other party		Chile
Certificate of Origin	Issuing Modality C/O	Self - Issued
	Issuer	Exporter
	Government Authorities	-
	Form of Certificate	Uniform Certificate
	Validity Period (yrs)	2
	Submission Exemption	US$1,000 or its equivalent amount in the Party’s currency
Value- Content Rule	Requirement	RVC(Regional Value Content)
	Product Price	Adjusted Value
	Calculation Modality	Build-down Method(BD), Build-up Method(BU)
Origin Verification	verification method	Direct verification (Written questionaries, information request or verification visit)
	Replied within	30 days (written request)
	Replied by	Exporter or producer

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