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

 

New Zealand has already signed FTAs with many countries in the Asia-Pacific region, and the Korea-New Zealand FTA is significant in securing the competitiveness of Korean companies in the New Zealand market, and Korea has signed FTAs with most developed countries.

 

As of 2022, the export utilization rate of the Korea-New Zealand FTA is 28.9% and the import utilization rate is 94.8%. In terms of FTA utilization by industry, household goods are the highest at 57.0% for exports and minerals are the lowest at 0.0%. For imports, steel and metal products and agriculture, forestry and fishery products are the highest at 96.7% and 95.3%, respectively, while chemical and industrial products are the lowest at 66.2%.

 

(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-New Zealand FTA	3,489,556	439,031	122,784	28%
Import		1,856,417	1,213,990	1,151,199	94,8

 

 

The Korea-New Zealand FTA allows exporters and producers to voluntarily provide proof of origin(Self – Issued), which can be in the form of a certificate of origin or the origin declaration on invoice.

This is set out in ANNEX 3-C, IMPLEMENTING ARRANGEMENT ON RULES OF ORIGIN OPERATIONAL PROCEDURES.

 

A brief summary of the provisions of the New Zealand 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. 12. 20.
Agreement other party		New Zealand
Certificate of Origin	Issuing Modality C/O	Self – Issued
	Issuer	Exporter, Producer
	Government Authorities	-
	Form of Certificate	a certificate of origin or the origin declaration on invoice
	Validity Period (yrs)	2
	Submission Exemption	customs value does not exceed 1,000 US dollars or its equivalent amount in the importing Party's currency, or such higher amount as the importing Party may establish
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 verification (Information request or verification visit - Direct)
	Replied within	90 days
	Replied by	Importer, exporter or producer

 

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