In July 2013, the government of Republic of Korea announced a change in import tariff quotas.



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Inception date: 01 Jul 2013 | Removal date: 30 Dec 2013

Import tariff quota

Effective from 1 July 2013, the Republic of Korea introduced tariff-rate quotas (TRQ) for various products through Presidential Decree No. 24639. 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, the duration of the TRQs for 11 items from the previous measure (see related measure), which were valid until 30 June, extended to the end of 2013. Besides, additional tariff cut was introduced for 4 items, while size of the TRQ for root crops (for forage) increased from 600,000to 800,000 tons.'
This measure is valid from 1 July to 31 December 2013. For the exact HS codes, tariffs, quotas, and durations, we refer to Appendix 3 () of this document.
This measure was amended by the Presidential Decree No. 25053 (see related measure).