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

 

The Korea-Singapore FTA is the second Free Trade Agreement Korea has signed after Chile. Most goods imported into Singapore are duty-free, with tariffs imposed only on intoxicating liquors, tobacco products, motor vehicles, and petroleum products. Nevertheless, the Korea-Singapore FTA is significant in that it signaled the start of a full-scale FTA with a major neighboring trading partner in Asia, strengthening the foundation for Korea's expansion into Southeast Asia as a strategic link to international business hubs.

In particular, Korea signed the first Digital Partnership Agreement (DPA) with Singapore, which came into effect on January 14, 2023. The DPA paves the way for the two countries to improve e-commerce and digital business conditions and cooperate in the field of new technologies.

 The Korea-Singapore FTA appears to have been almost completely replaced by the ASEAN-Korea FTA. Data on FTA utilization from Korea Customs Services (KCS) and the Korea Institute of Origin Information also do not provide information on the Korea-Singapore FTA.

A brief summary of the provisions of the Korea-Singapore 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

2006.03.02.

Agreement other party

Singapore

Certificate of Origin

Issuing Modality C/O

Authority - Issued

Issuer

Exporter's application

Government Authorities

Singapore (Customs)

Korea (Customs, KCCI, Administrative Agency of Free Trade Zone)

Form of Certificate

Different in each country

Validity Period (yrs)

1

Submission Exemption

USD 1,000 or its equivalent amount in the Party’s currency

Value-

Content

Rule

Requirement

RVC(Regional Value Content)

Product

Price

Customs Value

Calculation

Modality

Build-down Method(BD)

Origin Verification

Verification

method

Direct verification

(Information request

or verification visit)

Replied

within

30 days (written request)

Replied by

Importer, Exporter or producer


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