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Gaesong Industrial Complex (GIC). GIC Project Special economic zone to be developed in stages Launched in August 2000 by North & South Korea Located 60 kms. away from Seoul Covers area of 26 million square meters Objectives: Improve North Korean economy

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Gaesong Industrial Complex (GIC)


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gaesong industrial complex gic
Gaesong Industrial Complex (GIC)

GIC Project

  • Special economic zone to be developed in stages
  • Launched in August 2000 by North & South Korea
  • Located 60 kms. away from Seoul
  • Covers area of 26 million square meters
  • Objectives:
    • Improve North Korean economy
    • Facilitate reform (market economy)
    • Reunification of North/South Korea
    • Peace and stability in the Korean peninsula/East Asia
gaesong industrial complex gic1
Gaesong Industrial Complex (GIC)

GIC Project

  • 1st Phase
    • 15 participating SMEs, 13 started constructing their factories.
    • Of the 13 companies, three have started production
    • One company is testing its production line
    • Remaining 9 companies are still constructing their factories
    • Major products: stainless kitchen utensils, apparel, footwear, watches and jewelry, semiconductor and auto components, broadcasting equipment
gaesong industrial complex gic2
Gaesong Industrial Complex (GIC)
  • Mechanism
    • Preferential tariff treatment (same treatment granted to South Korean originating goods)
    • Rules of origin applies
    • Other elements in implementation
gaesong industrial complex gic3
Gaesong Industrial Complex (GIC)
  • Other elements
    • Coverage and scope
      • 100 tariff lines at HS 6-digit
      • To be selected from a universe of 232 lines
      • Individual list for all ASEAN Member Countries
    • Application of special safeguard mechanism
      • Unilateral
      • Unconditional (no obligation to prove injury, no obligation for advance consultation except for advance notification, no obligation for compensation)
      • No limit to the duration/frequency of suspension
    • Option to rescind
      • Anytime after five years
    • Subject to annual review
      • Report on Operations
      • Provision of export statistics
gaesong industrial complex gic4
Gaesong Industrial Complex (GIC)
  • Criteria for Selection of Products
    • Zero rating (resulting from the application of the TRM approved formula in determining sensitive products)
    • No trade balance (no exports, no imports)
    • No imports from Korea in 2004-2005, minimal imports in 2003 of US$1,000
    • Falls under the Sensitive Track in the ASEAN-Korea FTA
asean korea free trade area tig modality
ASEAN-Korea Free Trade Area TIG Modality

Trade in Goods (TIG) Agreement

  • Provides for the substantial reduction/elimination of tariffs and other barriers to trade by 2010, with flexibility up to 2012
  • Various Tracks
    • Normal Track (2006-2010)
    • Sensitive Track (2012-2016)
  • Gaeseong Industrial Complex (GIC) products accorded originating status
asean korea free trade area akfta1
ASEAN-Korea Free Trade Area (AKFTA)

Modality for Tariff Reduction and Elimination under the Normal Track