Economy, Domestic Economy
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S. Korea Poised to Expand Cosmetics Sales in Iran

S. Korea Poised to Expand Cosmetics Sales in IranS. Korea Poised to Expand Cosmetics Sales in Iran

Tehran and Seoul have signed an agreement to partially ease regulations governing South Korean cosmetics exports to Iran starting from later this year. The Korean Ministry of Food and Drug Safety on Monday said its Iranian counterpart has agreed to eliminate on-site inspections, which had been mandatory until now, for certified Korean cosmetics destined for sale in Iran, The Korea Herald reported. As long as they are certified under the Good Manufacturing Practice, or GMP system, Korean cosmetics companies will no longer be subject to such inspections when seeking to export their products to Iran. Moreover, Iran has eliminated the need for Korean cosmetics companies to present documentation that proves their products have already been approved in the US or Europe.  Under the agreement, Korean cosmetics-makers will only have to prove that they have been approved for sale in Korea. In effect, this means Iran recognizes Korean cosmetics standards as being on par with those made in the US and Europe, the ministry said. The two countries also plan to set up a space dedicated to promoting and selling Korean cosmetics in Iran by this year. However, the exact timing and details have yet to be determined, due to unsettled issues such as funding.

Financialtribune.com