According to the Ministry of Finance, the ASEAN Secretariat, the custodian of the Regional Comprehensive Economic Partnership Agreement (RCEP), recently issued a notice that the Republic of Korea has formally deposited its approval letter with the ASEAN Secretary-General. According to the agreement, the RCEP will enter into force for South Korea on February 1, 2022. In order to strictly fulfill the commitments of the agreement and actively promote the full implementation of the RCEP, the Customs Tariff Commission of the State Council issued an announcement to implement the first year tax rate promised by the RCEP Agreement for some imported goods originating in South Korea from February 1, 2022. According to the provisions of the agreement, the subsequent annual tax rate will be implemented from January 1 of that year. After the South Koreans enter into force, it will help to better play the role of the RCEP agreement, further strengthen regional economic and trade cooperation, and promote mutual benefit and win-win results among members.
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