March 25, 2024 | 20:32 (GMT+7)
ASEAN, RoK work to ensure products’ rules of origin
The Agency of Foreign Trade under the Ministry of Industry and Trade, and the ASEAN Secretariat on March 25 opened a joint session of ASEAN and Korean experts on the transposition of ASEAN-Korea Free Trade Agreement (AKFTA) product specific rules from harmonized system codes HS 2017 into HS 2022.
Attending the three-day event in the Northern coastal province of Quang Ninh are representatives from the Republic of Korea (RoK) and 10 ASEAN member states.
Delegates are expected to review and aim for nearly 7,000 tariff lines of the product specific rule (PSR) transposition list in the AKFTA to be converted from codes HS 2017 to HS 2022; and discuss progress and mechanism for implementing rules of origin in accordance with the new HS code.
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An overview of the joint session |
According to the World Customs Organization, the HS code is regularly updated every 5 years to ensure compatibility with international commercial types and needs.
Nguyen Anh Son, Director of the Agency of Foreign Trade, emphasised that transposing PSR on time will ensure estimates and transparency for businesses, while delaying the conversion will lead to increases in costs and loss of benefits of the AKFTA.
A line-by-line review of 7,000 tariff lines will require high concentration and great consensus from the ASEAN countries and the RoK, he stressed.
Sasikanya Ponien, co-head of the ASEAN-Korea Sub-Committee on Tariffs and Rules of Origin, appreciated Vietnam’s organization of this session, saying that its success will connect the ASEAN member countries and the RoK, and bring price competition opportunities to exporters.
Source: VNA