ANNOUNCED AS TEMPORARYNo
Import tariff quota
Effective from July 2012, the Republic of Korea introduced tariff-rate quotas (TRQ) for various products through Presidential Decree No. 23879. According to the Ministry of Strategy and Finance (MOSF), the purpose of this intervention is to stabilize domestic market prices.
The ministry said that 'Reflecting the current market supply and price, 5 new products were added to theTRQ list. Moreover, the duration of the TRQs for 37 items was extended to the end of 2012. For 1 further items, it was extended to 30 June 2013. Besides, an additional tariff cut was introduced for urea and size of the TRQ for root crops was increased from 510,000 to 660,000 tons.'
This measure is valid from 1 July to 31 December 2012, while some items are valid until 30 September 2012, and 30 June 2013. For the exact HS codes, tariffs, quotas, and durations, we refer to Appendix 3, 4, 5 () of this document.
This measure was amended by the Presidential Decree No. 23972 (see related measure).
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