DECISION TO ENDORSE THE TRANSPOSED PRODUCT SPECIFIC RULES OF THE ASEAN-KOREA AGREEMENT ON TRADE IN GOODS

DECISION TO ENDORSE THE TRANSPOSED PRODUCT SPECIFIC RULES IN APPENDIX 2 OF ANNEX 3 (RULES OF ORIGIN) OF THE ASEAN-KOREA AGREEMENT ON TRADE IN GOODS.

Recognizing the need to update the Product Specific Rules in Appendix 2 of Annex 3 (Rules of Origin) of the Agreement on Trade in Goods under the Framework Agreement on Comprehensive Economic Cooperation Among the Governments of the Republic of Korea and the Member Countries of the Association of Southeast Asian Nations (hereinafter referred to as the “Agreement”) in view of the amendments made in the Harmonized Commodity Description and Coding System (HS Code) from HS 2017 to HS 2022;
Recalling that Article 2 of the Second Protocol to Amend the Agreement (hereinafter referred to as the “Second Protocol”), signed in Bali, Indonesia on 17 November 2011, has amended Article 17 (Amendments) of the Agreement to simplify the procedures to amend appendices and attachments of the Agreement, which are related to Annex 3 (Rules of Origin), with a view to reflecting the most up-to-date trade realities; and
Noting that Paragraph 6 of Article 17 (Amendments) of the Agreement of the Second Protocol empowers the AKFTA Implementing Committee to endorse amendments to modify Appendices to Annex 3 (Rules of Origin) and relevant Attachments of the Agreement,
DO HEREBY AGREE:
1. To endorse the Product Specific Rules (PSR) in HS 2022 and replace the existing PSR in HS 2017 in Appendix 2 of Annex 3 of the Agreement; and
2. To implement the transposed PSR by 1 May 2026.
Attachment: The transposed Product Specific Rules in HS 2022