Simplified Export Procedures for Beauty and Seafood Products Boost Small Business Competitiveness
Korea Customs Service has announced plans to simplify the origin certification process for promising export items, including beauty products and seafood, to support small business exports. Additionally, the number of companies eligible for trade finance support will be significantly expanded from the current 300 to approximately 39,000.
On the 19th, the Korea Customs Service unveiled these measures as part of the "Customs Administration Support Plan for Small Business Export Growth." The goal is to enhance the export competitiveness of small businesses by providing comprehensive support throughout the entire export process.
To alleviate the burden of export declarations, the origin certification process will be streamlined. For instance, additional items such as lipsticks and face masks are being considered for inclusion in the list of products that can be certified with just a domestic manufacturing confirmation. Furthermore, dried seaweed and processed kelp products will also be eligible for origin certification based on relevant agency documentation.
In collaboration with financial institutions, the scope of trade finance support will be broadened. Previously, only Authorized Economic Operator (AEO) certified companies could benefit from this support. However, the plan now includes companies that effectively utilize Free Trade Agreements (FTA) and those recognized for export growth, offering them access to low-interest financial products and reduced foreign exchange fees. With these measures, the number of companies eligible for support is expected to increase from 329 to 38,777.
The range of countries where businesses can benefit from preferential tariff rates will also expand. In addition to existing countries such as China, Vietnam, India, and Indonesia, new countries like Thailand, Cambodia, and the Philippines will be included. The information will be accessible through the Trade Statistics Promotion Institute's portal.
To address local customs issues, the Korea Customs Service will appoint public customs advisors overseas to provide free consultation services starting in the second half of the year. To ensure systematic support, a "Small Business Export Support System" will be established next month, with the Customs Export-Import Business Support Center providing close assistance. Furthermore, new agreements with the Small Enterprise and Market Service will be signed to continuously identify small businesses interested in exporting and to support them with FTA utilization consulting and other services.
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