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A majority of goods from Chile will start entering Korea without import tariffs from April first this year. The Ministry of Foreign Affairs and Trade said Chile requested the bilateral free trade agreement with Korea be effective as of that date after the legislation finally passed Korea's National Assembly last week.
Seoul is said to be in the process of consulting on the matter with relevant government agencies as well as dealing with the necessary paperwork. For the Korea-Chile FTA to officially take off, the two countries must exchange formal documents, vouching that they have made proper legal provisions to accommodate the agreement. The government here is planning to deliver the diplomatic document on March 2nd after it receives Chile's notice. This would meet the global trade regulation stipulating that bilateral trade pacts will become effective 30 days after the exchange of the documents.
When the FTA is implemented in April, Korea will immediately abolish tariffs on 87 percent of all industrial goods and a majority of agricultural, fisheries, and forestry products from the South American country. Chile, meanwhile, will do the same for 42 percent of Korean exports including automobiles and cell phones.
Arirang TV
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