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

 

The Korea-Canada Free Trade Agreement, the first of its kind in Asia with Canada, a resource-rich country with oil and natural gas, came into effect on January 1, 2015.

 

As of 2022, the export utilization rate of the Korea-Canada FTA is 94.6% and the import utilization rate is 62.0%. In terms of FTA utilization by industry, machinery is the highest at 99.4% and textiles is the lowest at 19.4%. In the import sector, steel and metal products have the highest utilization rate of 97.3% and minerals have the lowest utilization rate of 13.4%.

 

(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-Canada FTA	7,839,520	4,288,847	4,057,205	94.6
Import		8,536,991	2,811,410	1,742,860	62.0

 

 

A brief summary of the provisions of the Korea-Canada FTA related to trade in goods is as follows. However, it is intended as a guide only and companies should refer to the Agreement for the exact Agreement-specific interpretation.

 

Category		Contents
into force date		2015. 01. 01.
Agreement other party		Canada
Certificate of Origin	Issuing Modality C/O	Self - Issued
	Issuer	Exporter, Producer
	Government Authorities	-
	Form of Certificate	Uniform Certificate
	Validity Period (yrs)	2
	Submission Exemption	value does not exceed US$1,000 or its equivalent amount in the Party’s currency
Value- Content Rule	Requirement	MC, Build-up Method(BU), Net Cost Method(NC)
	Product Price	EXW(EX Works), Transaction Value
	Calculation Modality	-
Origin Verification	Verification method	Direct verification (Writtenquestionnaires or verification visit)
	Replied within	30 days
	Replied by	Exporter or producer

 

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