Korea Free Trade Agreement | December 2014
As previously advised, the Australian Government has completed talks with Korea for a Free Trade Agreement adding enormous benefit when shipping to or from Korea.Trade and Investment Minister Andrew Robb has announced that the FTA will enter into force on December 12th, 2014.
Below is Certificate of Origin (COO) required to be provided for preferential rates.
The FTA only applies to goods if "the time for working out the rate of duty on the goods" is on or after 12 December, 2014. While each case should be individually assessed, the general rule is that the time for working out the rate of duty on the goods is:
- Where an import declaration is not lodged prior to the arrival of the vessel carrying the goods at an Australian port, the time the import declaration is lodged.
- Where an import declaration is lodged in advance of arrival, the time of first arrival of the vessel at an Australian port (even if it is not the port of discharge).
Should you require any further clarification please contact your local Customs Broker or Account Manager.