Free Trade Agreement Between Singapore And South Korea

(c) limit the power of a contracting party to take all appropriate measures when it finds that the products may not meet its mandatory requirements. These measures include withdrawing products from the market, banning them from the market, restricting their free movement, opening a product recall, opening legal proceedings or any other obstacle to the re-emergence of such problems, including an import ban. When one party takes these steps, it informs the other party and the OBT Joint Committee within 15 days of the date the actions are taken, specifying the reasons for these measures; Discrimination between countries in the application of their standards or criteria for the accreditation, licensing or certification of service providers or a disguised restriction in the event of inconsistency between this chapter and another chapter of this chapter (a) measures to ensure the retention of products in good condition during transport and storage (such as drying, freezing, soil conservation) and other similar operations; (e) a party to accept the results of compliance assessment procedures and/or evaluation of manufacturers or manufacturing processes of products and their mandatory requirements for a third country, unless explicitly agreed between the parties; and for a satisfactory agreement for both parties on any necessary compensatory adjustment. b) interest at an economically reasonable rate for this freely usable currency, which was incurred from the date of expropriation until the day of payment. Rules of Origin (RO) were the most controversial topic during the seven KSFTA trading sessions. RO refers to rules that determine which products are manufactured there with preferential export duties. In other words, it refers to regulations that define the conditions under which products can be labelled “Made in Korea” in order to obtain preferential treatment. The importance of RO is the inevitable result of the internationalization of capital and production. During negotiations with Singapore, the Korean government insisted that products from Kaesung Industrial Park (a “free economic zone” in North Korea for South Korean investors) be labeled “Made in Republic of Korea “and ultimately obtain approval of a Singaporean agreement. For example, South Korean companies are able to establish production lines in North Korea, produce them, “import” them to South Korea, paste a “Made in ROK” label and then export them to Singapore without tariffs.

This RO agreement is in fact a method to attract South Korean companies to investment in the business sector, especially small and medium-sized enterprises. On the one hand, it was promoted in the political context of “strengthening economic cooperation between North and South Korea”, but another aspect that we should not overlook is the geoeconomic context of this RO agreement.