Updated EFTA – Korea free trade agreement

Annex I of the free trade agreement between EFTA states and the Republic of Korea was updated in two points. Deadlines for responding to review requests for declarations of origin as well as retention requirements of copies of declarations of origin and relevant documents are being extended.
A view of traditional Korean buildings with modern skyscrapers in the background.
South Korea and EFTA states foster trade relations.

The deadline for responding to review requests for declarations of origin has been extended from 10 months to 15 months. For exporters, this means that they will have more time to respond to the request in complex cases of origin determination.

Documents must now be stored for five years

From 1 January 2017 on, the exporter must keep copies of the actual declaration of origin as well as any relevant documentation for at least five years. Up until this change comes into force, a shorter storage period of three years applies.

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