Government Allocates 668.6 Billion KRW for FTA Utilization Support Projects This Year, Up 2.5% from Previous Year

Exports increased by 22.0% from January 1 to 20... Imports rose by 38.4%
(Busan=Yonhap News) Reporter Kang Deok-cheol = On the 21st, export-import containers were piled up at the Busan Port Sinsundae Pier. From the beginning of January to the 20th, the export amount increased by more than 20% compared to the same period last year. The Korea Customs Service announced on the 21st that the export amount (provisional customs clearance basis) from January 1 to 20 was $34.4 billion, an increase of 22.0% ($6.22 billion) compared to the same period last year. 2022.1.21
kangdcc@yna.co.kr
(End)


＜Copyright(c) Yonhap News Agency, unauthorized reproduction and redistribution prohibited＞

[Asia Economy Sejong=Reporter Lee Junhyung] The government has allocated a budget of 668.6 billion KRW for this year's Free Trade Agreement (FTA) utilization support projects, an increase of about 2.5% compared to last year's 652.7 billion KRW.

The Ministry of Trade, Industry and Energy announced on the 2nd that it will jointly announce the '2022 FTA Utilization Support Projects' of eight government ministries and 17 related organizations. The budget allocated for this year's FTA utilization support projects is 668.6 billion KRW. The budgets for last year and 2020 were 652.7 billion KRW and 565.2 billion KRW, respectively. The government has continuously increased the number of FTA utilization support projects and their budgets.

There are a total of 46 support projects. They are divided into four areas: ▲ FTA Utilization Promotion (13.2 billion KRW) ▲ FTA Overseas Market Entry (444.9 billion KRW) ▲ Industrial Competitiveness Enhancement (174.5 billion KRW) ▲ Korea-China FTA Specialized Projects (36 billion KRW). The Ministry of Trade, Industry and Energy explained that the focus is on promoting domestic companies' use of FTAs and supporting companies that have suffered damage due to increased imports resulting from FTAs.

Specifically, the 10 projects in the FTA Utilization Promotion area support export companies by providing consulting, building infrastructure such as origin management systems, and training professionals to effectively utilize preferential tariffs under FTAs. The 22 projects in the FTA Overseas Market Entry area support domestic companies to actively enter the markets of FTA partner countries by providing export vouchers, acquiring overseas certifications, and offering trade insurance.

Additionally, through 11 projects in the Industrial Competitiveness Enhancement area, the ministry supports domestic companies that may suffer damage due to FTA implementation by providing trade adjustment and business stabilization funds, as well as automation of production facilities. The three projects in the Korea-China FTA Specialized Projects area support export companies to China by offering on-site consulting through the China Desk, resolving quarantine difficulties, and providing export strategy consultations.

Details of the support projects and application procedures can be found on the Ministry of Trade, Industry and Energy's 'FTA Strong Nation Korea' and the FTA Comprehensive Support Center websites. The ministry plans to produce booklets containing support details for each project and distribute them to FTA utilization organizations.

Jung Seokjin, Director of the Domestic Trade Policy Division, said, "By integrating the FTA support projects carried out individually by government ministries and related organizations, our companies will be able to review related information at once and utilize it in a timely manner." He added, "In the rapidly changing trade environment, we hope that companies can more easily access information on FTA support projects and receive the necessary assistance."