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Are The Outward Processing Provisions In The South Korean Free Trade Agreements Consistent With The Law Of The World Trade Organization?, Pierce Lee Mr.
Are The Outward Processing Provisions In The South Korean Free Trade Agreements Consistent With The Law Of The World Trade Organization?, Pierce Lee Mr.
Pierce Lee Mr.
In recent years, the Republic of Korea (South Korea) has entered into many free trade agreements (FTAs) containing so-called outward processing provisions (OP provisions) that extend the benefit of duty-free trade to the products manufactured or processed in the Kaesong Industrial Complex (KIC). The KIC is an outward processing zone (OPZ) in the People’s Democratic Republic of Korea (North Korea) where South Korean companies are allowed to establish manufacturing plants and employ North Korean labor. Outward processing (OP) refers to temporary exportation of goods for additional processing. As “temporary” indicates, the finished goods are always imported back toSouth Koreafor domestic …