ANNOUNCEMENT 01 Jan 2009In January 2009, the government of Republic of Korea announced a change in import duties.
NUMBER OF INTERVENTIONS
Press release, Ministry of Strategy and Finance, "09
Effective from 1 January 2009, the Republic of Korea updated Adjusted Tariffs (AT) on 11 productsthrough Presidential Decree No. 21197.
According to the Ministry of Strategy and Finance, 'AT measure is to raise the tariff rates of the relevant goods from 100/100 to the basic tariff rate. Beside, the purpose of this intervention is to counter a surge in the import of goods, whose domestic competitiveness is weak, which is feared to disrupt the domestic market or collapse the domestic industrial foundation'.
The ministry said that 'Reflecting the current market situation, 11 items from previous AT measure in 2008 remained same. However, the tariff rates of 5 items among them were lowered 1 to 4 percents from last ones."
This measure is valid from 1 January to 31 December 2009. For the exact HS codes, tariffs, quotas, and durations, we refer to Appendix() of this document.
This measure was amended by the Presidential Decree No. 21912 (see related measure)