제목 : [FTA HONG] Summary of the Korea-Peru FTA (FTA utilization rate, FTA utilization by industry, and summary of highlights)
The Korea-Peru FTA agreement, which is expected to play an important role as a bridgehead into the resource-rich and geopolitically important Latin American market, came into effect on August 1, 2011.
In the case of the Korea-Peru FTA, the method of issuing certificates of origin changed in 2016, the fifth year of the agreement, from allowing both Authority - Issued and Self - Issued to allowing only Self – Issued.
Accordingly, the Korea-Peru FTA Certificate of Origin should not use APPENDIX 4A-1 CERTIFICATE OF ORIGIN or APPENDIX 4A-2 ORIGIN DECLARATION, but should use ANNEX 4B CERTIFICATE OF ORIGIN.
CHAPTER FOUR (ORIGIN PROCEDURES) ARTICLE 4.1: CERTIFICATE OF ORIGIN 3. A Certificate of Origin which certifies that a good being exported from the territory of a Party into the territory of the other Party qualifies as originating shall: (a) be in a printed or electronic format; and (b) be completed in English in conformity with the specimen and the instructions contained therein as set out in Annex 4B, which may be amended by agreement between the Parties. ARTICLE 4.13: IMPLEMENTATION 1. During the period of five years following the date of entry into force of this Agreement, Annex 4A shall apply in lieu of Articles 4.1 and 4.6. |
As of 2022, the export utilization rate of the Korea-Peru FTA is 83.6% and the import utilization rate is 82.4%. In the export sector, machinery has the highest utilization rate of 95.6% and miscellaneous products have the lowest utilization rate of 0.0%, while in the import sector, steel and metal products have the highest utilization rate of 100.0% and 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-Peru FTA | 778,127 | 249,229 | 208.232 | 83.6 |
Import | 2,845,704 | 822,293 | 677,975 | 82.4 |
A brief summary of the provisions of the Korea-Peru 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 | 2011. 08. 01. | |
Agreement other party | Peru | |
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) 90 days (direct) | |
Replied by | Customs authority of the exporting party (indirect) Exporter, etc. (direct) | |
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