Korea-Australia Free Trade Agreement (KAFTA) Update

Korea-Australia Free Trade Agreement (KAFTA) Update

The below has been taken directly from the Australian Customs website..

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

Practice Statement and Instructions and Guidelines

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.

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