1 / 8

Gaesong Industrial Complex (GIC)

Gaesong Industrial Complex (GIC). GIC Project Special economic zone to be developed in stages Launched in August 2000 by North & South Korea Located 60 kms. away from Seoul Covers area of 26 million square meters Objectives: Improve North Korean economy

zahir-irwin
Télécharger la présentation

Gaesong Industrial Complex (GIC)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Gaesong Industrial Complex (GIC) GIC Project • Special economic zone to be developed in stages • Launched in August 2000 by North & South Korea • Located 60 kms. away from Seoul • Covers area of 26 million square meters • Objectives: • Improve North Korean economy • Facilitate reform (market economy) • Reunification of North/South Korea • Peace and stability in the Korean peninsula/East Asia

  2. Gaesong Industrial Complex (GIC) GIC Project • 1st Phase • 15 participating SMEs, 13 started constructing their factories. • Of the 13 companies, three have started production • One company is testing its production line • Remaining 9 companies are still constructing their factories • Major products: stainless kitchen utensils, apparel, footwear, watches and jewelry, semiconductor and auto components, broadcasting equipment

  3. Gaesong Industrial Complex (GIC) • Mechanism • Preferential tariff treatment (same treatment granted to South Korean originating goods) • Rules of origin applies • Other elements in implementation

  4. Gaesong Industrial Complex (GIC) • Other elements • Coverage and scope • 100 tariff lines at HS 6-digit • To be selected from a universe of 232 lines • Individual list for all ASEAN Member Countries • Application of special safeguard mechanism • Unilateral • Unconditional (no obligation to prove injury, no obligation for advance consultation except for advance notification, no obligation for compensation) • No limit to the duration/frequency of suspension • Option to rescind • Anytime after five years • Subject to annual review • Report on Operations • Provision of export statistics

  5. Gaesong Industrial Complex (GIC) • Criteria for Selection of Products • Zero rating (resulting from the application of the TRM approved formula in determining sensitive products) • No trade balance (no exports, no imports) • No imports from Korea in 2004-2005, minimal imports in 2003 of US$1,000 • Falls under the Sensitive Track in the ASEAN-Korea FTA

  6. ASEAN-Korea Free Trade Area TIG Modality Trade in Goods (TIG) Agreement • Provides for the substantial reduction/elimination of tariffs and other barriers to trade by 2010, with flexibility up to 2012 • Various Tracks • Normal Track (2006-2010) • Sensitive Track (2012-2016) • Gaeseong Industrial Complex (GIC) products accorded originating status

  7. ASEAN-Korea Free Trade Area (AKFTA)

  8. ASEAN-Korea Free Trade Area (AKFTA) Modality for Tariff Reduction and Elimination under the Normal Track

More Related