ANNOUNCED AS TEMPORARYNo
South Korea raised its tariff-free import quota on products made in developing countries as part of its efforts to assist economically hard-pressed countries.
The Ministry of Strategy and Finance said that starting on 1 January 2010 it will raise the number of products, imported from the world's 49 poorest countries that enter South Korea with a zero-tariff import quota scheme, by 251 to 4,294.
The move brings the proportion of such tariff-free products against all products subject to duty levying to 85 percent from the current 80 percent. The ministry earlier said this would be raised another 5 percentage points to 90 percent in 2011 and to 95 percent in the following year. Korea started to allow some products from developing countries to be imported without paying duties starting in 1997.
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