Guam Trade Agreement

Korea will liberalize more than 76% of its customs lines for imports from ASEAN, while ASEAN members will liberalize between 85 and 100% of their customs lines for imports from Korea. Korea noted the increase in the volume of bilateral trade, which will continue thanks to the close cooperation between the parties to the agreement. Korea added that the parties are currently negotiating market access for sensitive products in order to benefit from additional benefits. Thailand, on behalf of ASEAN, said the agreement emphasizes existing WTO commitments and provides for progressive trade liberalization through substantial coverage of different sectors. Thailand found that Korea is currently ASEAN`s fifth-largest trading partner and its tenth-largest source of foreign direct investment. In order to develop mutually beneficial trade and economic cooperation based on equality and mutual interest, Georgia said the agreement will significantly support investment in participating states. The parties are working on regulating the rules of origin for the agreement, Georgia added. Ukraine said the full implementation of the agreement would help the parties create a predictable business environment and foster development. Moldova said free trade agreements like this one are an important complement to the multilateral trading system. Azerbaijan, a WTO observer, said the agreement emphasized the positive developments already achieved by the parties with some GUAM member States within the framework of existing free trade agreements. Members also discussed the free trade agreement between Georgia, Ukraine, Azerbaijan and Moldova. On its date of entry into force on 10 December 2003, customs duties on all products between the parties were abolished. The agreement also contains a rendezvous clause to liberalise trade in services in the future.

Japan stated that it applies a rule allowing cumulation of rules of origin, which means that products composed of components manufactured between the parties to the FTA can benefit from preferential duties. Bilateral trade in value terms has increased by 14.8% in ten years since 2008, although it has been difficult to assess separately the impact of this agreement from the relevant bilateral EPAs. The monitoring by the Contracting Parties of the implementation of this Agreement, the preparation of proposals for the development of their commercial and economic cooperation, the settlement of issues, the coordination of economic policies to achieve the objectives of this Agreement shall be carried out by a permanent working body whose status and tasks shall be defined separately by the Parties. GUAM`s official negotiating language was Russian, but it was abolished in 2014 in favor of English. Free trade area agreements were concluded for the first time in 2017. l. All taxes and charges (with the exception of duties, taxes and equivalent taxes) levied by the Parties in connection with the import or export of goods in the course of mutual trade shall not exceed, within reasonable limits, the immediate actual costs. .

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