For traders, reading through free trade agreements can be stressful and complicated.

To help companies in Southeast Asia and Korea navigate through such agreements, the ASEAN-Korea Center launched an online FTA information service

“This website was designed to further enhance trade relations between the Association of Southeast Asian Nations and Korea by helping the business communities in ASEAN and Korea effectively utilize the agreement,” said the center’s Secretary General Cho Young-jai.

The website includes information about the ASEAN-Korea FTA tariff rates, rules of origin, and practical business information under the provision of the ASEAN-Korea FTA.

Korean importers can find information on Korea’s basic tariff rates, dates of entry, as well as other trade tariff rates.

“This would give a better understanding of the benefits of the ASEAN-Korea FTA,” he said.

Moreover, visitors can simulate the determination of country of origin by cases and see if their exporting goods meet the required conditions.

The site also offers contact information for Korean importers in the 10 different sectors covered in the agreement.

There is also information for upcoming exhibitions, publications and trade statistics.

ASEAN member states emerged as Korea’s second-largest trading partner as the trade volume between ASEAN and Korea expanded from $71.9 billion in 2007 to $97.2 billion last year.

“This website is expected to help increase the utilization of the ASEAN-Korea FTA that will lead to an increase in trade between ASEAN and Korea,” said Cho.

The website can be found at www.akfta.net. For more information, contact the center at (02) 2287-1142.

By Yoav Cerralbo (yoav@heraldcorp.com)