To link to this article, copy this persistent link:
(Nov 03, 2008) As of November 2008, a free trade agreement between South Korea and Cambodia will be in effect. According to the Ministry of Strategy and Finance of South Korea, the government in Seoul received notice from the Cambodian government on October 30 that the administrative and legal steps necessary for the free trade regime had been taken.
The agreement is expected to increase trade between the two countries over the US$300 million level reached in 2007. It calls for South Korea, which had a surplus of US$270 million in the bilateral trade last year, to eliminate import duties on 10,658 items made in Cambodia, including clothing and footwear. Companies will have to show country-of-origin verification papers issued by the Ministry of Commerce in Cambodia to quality for duty-free importation into South Korea. Due to the potential impact on the South Korean economy, however, tariffs will continue to be imposed on 108 farm and fishery items, including bananas, pineapples, rice, beef, and pork.
Since 2006, all of the Association of Southeast Asian Nations (ASEAN) member nations except Thailand have signed free trade pacts with South Korea. (FTA with Cambodia to Go into Effect in November, MCOT.NET, Oct. 31, 2008, available at http://enews.mcot.net/view.php?id=7040.)
|Author:||Constance Johnson More by this author|
|Topic:||Commerce More on this topic|
|Jurisdiction:||Cambodia More about this jurisdiction|
|South Korea More about this jurisdiction|
Search Legal News
Find legal news by topic, country, keyword, date, or author.
Global Legal Monitor RSS
Get the Global Legal Monitor delivered to your inbox. Sign up for RSS service.
The Global Legal Monitor is an online publication from the Law Library of Congress covering legal news and developments worldwide. It is updated frequently and draws on information from the Global Legal Information Network, official national legal publications, and reliable press sources. You can find previous news by searching the GLM.
Last updated: 11/03/2008