KOTRA and the Korean Embassy in China Hold 'Online Trade Seminar on Utilizing RCEP'

[Asia Economy Reporter Jeong Hyunjin] KOTRA announced on the 22nd that it will hold an 'Online Trade Briefing on Utilizing the Regional Comprehensive Economic Partnership (RCEP)' on the 30th in collaboration with the Korean Embassy in China.

RCEP includes 15 countries, such as South Korea, China, Japan, and the 10 ASEAN countries. The combined GDP and population of these member countries account for about 30% of the world's total, making it the largest free trade agreement globally. For RCEP to come into effect, at least six ASEAN member countries and at least three of the five non-ASEAN countries must complete ratification procedures. China and Japan have completed ratification, while South Korea and New Zealand are in the process. Among ASEAN members, Singapore and Thailand have ratified the agreement.

At this online briefing, Jeon Dongwook, the East Asia FTA Negotiation Officer at the Ministry of Trade, Industry and Energy, will participate as a speaker to explain the progress and significance of RCEP. Ha Chunho, Customs Officer at the Korean Embassy in China, will introduce useful information for corporate practitioners, including RCEP utilization strategies and the use of Authorized Economic Operator (AEO) programs. KOTRA's Beijing Trade Center will present on the utilization of the Korea-China FTA and actual case studies. Additionally, an official from the Yanbian Korean Autonomous Prefecture will introduce the tariff exemption system for imported goods in Yanbian Prefecture, which domestic companies can refer to when exploring new markets.

Hong Changpyo, Head of KOTRA's China Regional Headquarters, stated, "RCEP is significant as it has agreed on unified rules of origin, expanding the scope of tariff application compared to existing agreements, and newly includes the latest regulations such as e-commerce, intellectual property rights, and government procurement." He added, "Domestic companies need to thoroughly understand RCEP in advance and prepare ways to utilize it effectively."