Report of the Korea International Trade Association, “The most recent investigation of new trade relief measures”
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(Seoul = Yonhap News) Reporter Jae-young Cho = Last year, import restrictions around ASEAN appeared to have surged, requiring special attention from Korean companies.
In addition to import restrictions imposed by countries around the world against ASEAN, it was also found that ASEAN’s regulations against the world also occurred the most.
According to the’Export and Investment Enterprise Risks Based on ASEAN’s Trade Relief Status’ released on the 12th by the Institute for International Trade of the Korea International Trade Association, 83 new investigations on trade relief measures targeting ASEAN countries, mainly developed countries, from January to October last year It was the most in the same period.
This is because the ASEAN region emerged as an attractive production base and consumption market replacing China after the US-China trade dispute.
By country, India (24 cases), the United States (17 cases), Australia (8 cases), and Canada (5 cases), in that order, the number of cases imposed on import restrictions.
In the case of the United States and the European Union (EU), it is analyzed that there are active investigations into attempts to bypass trade relief measures by assembling, completing and exporting products in ASEAN.
The report emphasized that “Korean companies that have entered ASEAN should also prepare in advance for the risk of becoming a target of investigation when establishing business plans and raw materials and parts procurement plans.”
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At the same time, ASEAN countries are strengthening their protective trade measures.
From January to November last year, there were 48 new investigations on trade relief measures such as anti-dumping by ASEAN countries, the most since 2012 (33). Among them, China (10 cases) and Korea (5 cases) were the most surveyed in order.
It was shown that ASEAN countries are operating multilateral trade relief systems.
Thailand and Vietnam launched new bypass investigations in 2020 and 2018, respectively. In addition, Vietnam initiated countervailing tariff investigations for the first time in the ASEAN region in September last year. Cambodia and Laos also introduced trade relief systems by revising related regulations from 2017.
The report said, “In the case of Vietnam, Korea’s largest investment destination and third-largest export country, the US is still regarded as a non-market economy.” It is highly likely to bear high tariffs.”
“The US is taking intensive import restrictions, such as deciding the currency devaluation as an offsetable subsidy for the first time in a Vietnam-made tire offset survey last November,” he said. “Korean companies that have entered Vietnam should also take special care.” Emphasized.
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2021/01/12 11:00 sent