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Foreign Trade Act

Summary

Foreign Trade Act
Type Basic Laws
Genre Broadcasting, Music, Comics/Webtoons, Animation, Character/Licensing, New Technologies, Game, Other

Detail

  • Enactment Date: 1986. 12. 31
  • Last Amendment: 2024. 2. 20

Table of Contents

  • CHAPTER I GENERAL PROVISIONS
  • CHAPTER II PROMOTION OF INTERNATIONAL COMMERCE
  • CHAPTER III EXPORTATION AND IMPORTATION
  • CHAPTER III-2 MARKING OF ORIGIN
  • CHAPTER IV LIMITATIONS ON QUANTITY OF IMPORTS
  • CHAPTER V MAINTENANCE OF GOOD ORDER IN EXPORTATION AND IMPORTATION
  • CHAPTER VI SUPPLEMENTARY PROVISIONS
  • CHAPTER VII PENALTY PROVISIONS

Summary

The Foreign Trade Act of Korea, enacted in 1987, aims to contribute to national economic growth by promoting foreign trade, establishing a fair trade system, maintaining an international balance of payments, and expanding commerce. The Act provides definitions for terms related to trade and outlines principles for free and fair trade, in compliance with international treaties and laws. It authorizes the Minister of Trade, Industry and Energy to take measures to promote trade, such as supporting advisory services and organizing trade exhibitions. Additionally, it allows the Minister to impose trade restrictions in certain circumstances, such as during wars or natural disasters, or when necessary to maintain international peace and security. The Act mandates that all matters concerning trade be governed by its provisions and requires consultation with the Minister of Trade, Industry and Energy when enacting or amending related statutes.

Source

Korean Law Information Center, Foreign Trade Act, 2024/10/10

Link https://law.go.kr/LSW/lsSc.do?section=&menuId=1&subMenuId=15&tabMenuId=81&eventGubun=060101&query=%EB%8C%80%EC%99%B8%EB%AC%B4%EC%97%AD%EB%B2%95#undefined