[FTA HONG] Summary of the Korea-Colombia FTA (FTA utilization rate, FTA utilization by industry, and summary of highlights)
The FTA with Colombia, a country rich in energy resources such as oil and natural gas, came into effect on July 15, 2016, marking the first time an Asian country has signed a free trade agreement with Colombia, paving the way for Korea to capture the Colombian domestic market.
As of 2022, the export utilization rate of the Korea-Colombia FTA is 49.1% and the import utilization rate is 93.0%. In terms of FTA utilization by industry, machinery is the highest at 63.4% and miscellaneous products are the lowest at 0.0%. In the import sector, agriculture, forestry and fishery products have the highest utilization rate of 94.5%, while 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-Colombia FTA | 940,256 | 456,198 | 223,984 | 49.1 |
Import | 814,548 | 275,639 | 256,375 | 93.0 |
A brief summary of the provisions of the Korea-Colombia 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 | 2016. 07. 15. | |
Agreement other party | Colombia | |
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 US$1,000 or its 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 | Adjusted Value(FOB) | |
Calculation Modality | Build-down Method(BD), Build-up Method(BU), Net Cost Method(NC) | |
Origin Verification | Verification method | Direct or Indirect verification (the competent authority of the exporting Party – Indirect) (the exporting Party shall set a date of visit upon agreement from the exporter or the producer, the importing Party and the exporting Party - 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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