RCEP will come into effect in Korea on February 1st next year

On December 6th, according to the Ministry of Industry, Trade and Resources of  the    Republic of Korea, the Regional Comprehensive Economic Partnership Agreement (RCEP)  will officially come into force for South Korea on February 1st next year after being  approved  by the South Korean National Assembly and reported to the ASEAN Secretariat. South Korea’s   National Assembly approved the agreement on the 2nd of this month, and then the ASEAN Secretariat reported that the agreement would come into effect for South Korea in 60 days, that is, next February.

As the largest free trade agreement in the world, South Korea’ s exports to RCEP members account for about half of South Korea’s total exports. After the agreement comes into effect, South Korea will also establish bilateral free trade relations with Japan for the first time.

China’s customs has announced the detailed implementation rules and matters needing attention in declaration

Measures of the Customs of the People’s Republic of China for the Administration of the Origin of Import and Export Goods under the Regional Comprehensive Economic  Partnership Agreement (Order  No.255  of  the  General Administration of Customs)

China will implement it as of January 1, 2022. The announcement clarifies the RCEP rules of origin, the conditions that the certificate of origin needs to meet, and the procedures for enjoying imported goods  in China.

Administrative Measures of the Customs of the People’s Republic of China on Approved Ex porters (Order No .254 of the General Administration of Customs)

It will come into force as of January 1, 2022. Establish an information system for the   management of approved exporters by Customs to improve the management facilitation level of approved exporters.  An enterprise applying to become an approved exporter shall submit a written application to the customs directly under its domicile (hereinafter referred  to  as  the  competent  customs) . The validity period recognized by the approved exporter is 3  years.  Before the appr oved exporter issues a declaration of origin for the  goods  it exports or produces, it shall  submit  the  Chinese  and  English  names  of  the  goods , the  six -digit codes of the  Harmonized  Commodity Description   and   Coding   System,  applicable   preferential  trade  agreements and other  information to  the  competent customs.   The   approved   exporter shall   issue   a declaration of origin through the customs approved exporter management information   system,  a nd   be responsible  for  the  authenticity  and accuracy  of  the  declaration  of  origin issued by him.