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South Korean exporters urged to brace for rising ocean freight rates | Hellenic Shipping News Worldwide


South Korean exporters urged to brace for rising ocean freight rates
South Korean firms that are heavily reliant on exports should come up with diverse ways to cut down on their logistics costs amid a prolonged surge in ocean freight charges, a report suggested Friday.
Ocean freight rates are rising and could continue for a long time against the backdrop of unstable supply and demand for empty containers and a rise in demand due to revenge consumption, the Institute for International Trade warned in its report.
To achieve a competitive price edge, exporters can cut down customs duty and logistics fees by changing the terms and conditions of Incoterms a set of predefined commercial terms widely used in international transactions process, said the institute, a research center under the Korea International Trade Association. ....

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Cambodia's signing trade deal with South Korea postponed due to Covid-19 pandemic


Minister of Commerce Pan Sorasak and his South Korean counterpart Yoo Myung-hee signed the agreed minutes on the conclusion of negotiations over the deal via video link on Feb 3. - Phnom Penh Post/ANN
PHNOM PENH, April 26 (Phnom Penh Post/ANN): The formal signing of the Cambodia-South Korea Free Trade Agreement (CKFTA), scheduled for mid-year, will be postponed due to disruptions from the Covid-19 outbreak stemming from the Feb 20 community incident, according to a spokesman for the Ministry of Commerce.
Minister of Commerce Pan Sorasak and his South Korean counterpart Yoo Myung-hee signed the agreed minutes on the conclusion of negotiations over the deal via video link on February 3, with both sides scheduling an official signing ceremony in June. ....

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