Seoul: The government will extend a five-year exemption for local firms seeking approval in exporting spare parts of an arms product in a bid to accelerate shipments of such items for maintenance purposes, the state arms procurement agency said Wednesday.
According to Yonhap News Agency, the Defense Acquisition Program Administration (DAPA) announced that the Cabinet approved a revision to an enforcement decree to speed up the logistics support process for overseas buyers. Currently, DAPA exempts companies from obtaining export approval for two years when a spare part of an arms product is exported to the same end user, often for maintenance purposes.
The revision will extend the exemption period from the current two to five years starting next month, paving the way for the swift supply of components needed for maintenance or repair of homegrown weapons systems exported abroad, DAPA said. Moreover, DAPA is advocating for a revision of a separate enforcement decree aimed at ensuring the agency approves the technology transfer agreement within one month, reducing it from the current two-month period.
The revised enforcement decrees are set to take effect on July 1, marking a significant step towards improving the efficiency of arms product exports and related processes.