'RCEP' to Take Effect from February Next Year... Korea's First Mega FTA

Government Holds Comprehensive Review Meeting to Prepare for Smooth Implementation of RCEP

[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Trade, Industry and Energy announced on the 6th that the Regional Comprehensive Economic Partnership (RCEP) will come into effect for South Korea starting February 1, 2022.

The government deposited the RCEP ratification instrument, which had completed the National Assembly approval process, with the ASEAN Secretariat on the 3rd. The Secretariat notified that "RCEP will come into effect for South Korea on February 1 of next year, 60 days after the deposit."

Accordingly, on the 6th, all government ministries involved in the negotiations and trade support organizations held a comprehensive review meeting to prepare for the smooth implementation of RCEP.

The government ministries reviewed the status of enactment and revision of laws related to RCEP implementation, as well as the readiness of export-import sites such as customs clearance systems, and pledged to make efforts to ensure there are no setbacks in institutional and administrative preparations.

Trade support organizations announced plans to conduct more active and comprehensive promotion and utilization support so that companies can fully leverage the market opening effects and transaction cost reductions brought by RCEP.

Jeon Yoon-jong, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, who presided over the meeting, said, "RCEP is our country's first mega FTA composed of 15:15 members," adding, "It is much more complex than existing bilateral FTAs, so companies may find it difficult to understand the agreement's contents, and confusion may occur at export-import sites." He continued, "The government and support organizations must cooperate organically, thoroughly prepare administrative systems, and actively support companies' utilization."

The Ministry of Trade, Industry and Energy plans to compile the results of this meeting and report them at the Trade and Industry Forum chaired by Minister Moon Seung-wook on the 8th.