South Korea is set to bring a uniformed change in the South Asian cosmetics market by 2019, with the Ministry of Food and Drug Safety announcing it will form a new council with ASEAN member countries to create standardized regulations.
The move is hoped to allow South Korea to better engage in business practises within the ASEAN market, with the Korean government set to sign agreements with participating companies on matters such as compatible Good Manufacturing Practice (GMP) standards, compatible customs clearance procedure, and regulatory unification.
As part of plans to develop South Korea’s export market, the country is also planning to offer more information and data regarding exports, offer better training opportunities to local cosmetic companies and increase export prospects to the Middle East by offering training and consulting services regarding halal products.
The ministry said, “Although China still accounts for the largest portion of South Korea’s cosmetics exports, an increasing number of South Korean cosmetics companies are turning their eyes toward the regions including Southeast Asia in the wake of China’s THAAD retaliation that began last year.
“The new council to be led by South Korea will be a boon to the companies.”
As part of the new development, the ministry is also said to have plans to boost the role One Asia Cosmetics and Beauty Forum, while looking to do the same with China, Japan, Vietnam and Indonesia going forwards.