ASEAN, RoK work to ensure products’ rules of origin
The Agency of Foreign Trade under the Ministry of Industry and Trade, and the ASEAN Secretariat on March 25 opened a joint session of ASEAN and Korean experts on the transposition of ASEAN-Korea Free Trade Agreement (AKFTA) product specific rules from harmonised system codes HS 2017 into HS 2022.
Quang Ninh (VNA) – The Agency of Foreign Trade under the Ministry of Industry and Trade, and the ASEAN Secretariat on March 25 opened a joint session ofASEAN and Korean experts on the transposition of ASEAN-Korea Free TradeAgreement (AKFTA) product specific rules from harmonised system codes HS 2017 intoHS 2022.
Attending the three-day event in thenorthern coastal province of Quang Ninh are representatives from the Republicof Korea (RoK) and 10 ASEAN member states.
Delegates are expected to review and aimfor nearly 7,000 tariff lines of the product specific rule (PSR) transpositionlist in the AKFTA to be converted from codes HS 2017 to HS 2022; and discussprogress and mechanism for implementing rules of origin in accordance with the newHS code.
According to the World Customs Organisation,the HS code is regularly updated every 5 years to ensure compatibility with internationalcommercial types and needs.
Nguyen Anh Son, Director of the Agency of Foreign Trade, emphasised that transposingPSR on time will ensure estimates and transparency for businesses, while delayingthe conversion will lead to increases in costs and loss of benefits of the AKFTA.
A line-by-line review of 7,000 tariff lineswill require high concentration and great consensus from the ASEAN countries and theRoK, he stressed.
Sasikanya Ponien, co-head of the ASEAN-KoreaSub-Committee on Tariffs and Rules of Origin, appreciated Vietnam’sorganisation of this session, saying that its success will connect the ASEAN membercountries and the RoK, and bring price competition opportunities toexporters./.
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An overview of the joint session. (Photo: VNA) 
