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

 The Korea-Central America FTA is an agreement signed with five Central American countries (Panama, Costa Rica, Honduras, El Salvador, and Nicaragua), making it the sixth FTA agreement Korea has signed with a country in the Americas.

 

As of 2022, the export utilization rate of the Korea-Central America FTA is 25.9%, and the import utilization rate is 68.9%. In terms of FTA utilization by industry, machinery is the highest at 39.4% and miscellaneous products are the lowest at 0.0% in the export sector. In the import sector, agriculture, forestry and fishery products have the highest utilization rate of 98.3%, while chemical and industrial 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-Central America FTA	1,812,546	280,891	72,683	25.9
Import		1,032,283	290,472	200,038	68.9

 

 

A brief summary of the provisions of the Korea-Central America 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		2019. 10. 01.
Agreement other party		Panama, Costa Rica, Honduras, El Salvador, Nicaragua
Certificate of Origin	Issuing Modality C/O	Self - Issued
	Issuer	Exporter, Producer
	Government Authorities	-
	Form of Certificate	Uniform Certificate
	Validity Period (yrs)	1
	Submission Exemption	the customs value of the importation does not exceed 1,000 US dollars or the equivalent amount in the currency of the importing Party, or such higher amount as may be established by the importing Party
Value- Content Rule	Requirement	RVC(Regional Value Content)
	Product Price	FOB
	Calculation Modality	Build-down Method(BD), Build-up Method(BU)
Origin Verification	Verification method	Direct or Indirect verification (Request to the customs authority of the exporting party – Indirect) (Written questionaries, information request or verification visit - Direct)
	Replied within	150 days (indirect) 30days (direct)
	Replied by	Customs authority of the exporting party (indirect) importer, exporter, or producer (direct)

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