In January 2012, the government of Republic of Korea announced a change in import tariff quotas.



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Inception date: 01 Jan 2012 | Removal date: 31 Dec 2012

Import tariff quota

Effective from 1 January 2012, the Republic of Korea introduced tariff-rate quotas (TRQ) for various products through Presidential Decree No.23391. 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, 9 new products were added to the list for this year, while 20 out of 112 items from the previous TRQ list were removed. Therefore, a total of 103 items are affected by the new TRQ list in 2012."
This measure is valid from 1 January to the end of 2012, while some products were only valid until 31 March or 30 June 2012. For the exact HS codes, tariffs, quotas, and durations, we refer to Appendix 1 and 2 () of this document. 
This measure was amended by the Presidential Decree No. 23673 (see related measure)