Korea Australia Free Trade Agreement (KAFTA) entry into force 12 December 2014
Dear Clients, We wish to bring to your attention the entry into force of KAFTA from 12 December.
Dear Clients, We wish to bring to your attention the entry into force of KAFTA from 12 December.
Information as provided by Customs can be found below and here.
Korea
The Korea-Australia Free Trade Agreement (KAFTA) was signed in Seoul, South Korea, on 8 April 2014.KAFTA will enter into force when both Korea and Australia have completed their domestic legal procedures. The full text of the KAFTA is available on the Department of Foreign Affairs and Trade website.
Entry into Force
Trade and Investment Minister Andrew Robb has announced that Australia’s Free Trade Agreement with South Korea will enter into force on 12 December 2014.
Legislation
• Customs Amendment (Korea – Australia Free Trade Agreement Implementation) Act 2014
• Customs Tariff Amendment (Korea – Australia Free Trade Agreement Implementation) Act 2014
• Customs (Korean Rules of Origin) Regulation 2014
Practice Statement and Instructions and Guidelines
• Practice Statement NO. 2009/13 – Rules of Origin
• Instruction and Guideline – Korea-Australia Free Trade Agreement
The Integrated Cargo System – Claiming Preference
To claim preferential tariff rates under KAFTA, the following codes should be used in the ICS:
Preference Scheme Type
Type/ Description of Preference Scheme
KFTA/ Korea-Australia Free Trade Agreement
Preference Rule Types (Select the appropriate Rule Type)
Rule Type/ Description of Origin Criteria
POM/ Produced entirely from originating materials
PS/ Product specific rules
WO/ Wholly obtained goods
For more information, please read the following:
• Integrated Cargo System – Claiming Preferential Tariff Rates
What you will need to support a claim for preference under KAFTA
A KAFTA Certificate of Origin completed by the exporter or producer in Korea.
Model format of KAFTA certificate of Origin.
The Certificate of Origin must contain the following Data Elements (as listed in Annex 3-C, Chapter 3 of KAFTA):
List 1-11:
1. Issuing number
2. Exporter, including contact details
3. Blanket period for multiple shipments
4. Producer, including contact details (optional)
5. Importer, including contact details (optional)
6. Description of good(s)
7. Harmonized System code (six digits)
8. Preference criterion
9. Observations (optional)
10. Declaration
11. Name, signature, company or authorised body and contact details of person completing the Certificate of Origin; and date of issue.
Applying for an origin advice ruling
Customs and Border Protection will provide written advice, upon request, for determining whether the good originate from Korea for the purposes of claiming KAFTA preference.
• Application for Origin Advice Ruling Form (B659)
Comparison Table of the Specific Provisions of Chapters 3 and 4 of KAFTA and Related Legislation, Regulations or Procedures
Kind Regards
SILA Customer Service