ANNOUNCEMENT 01 Jul 2014In July 2014, the government of Republic of Korea announced a change in import tariff quotas.
NUMBER OF INTERVENTIONS
Press Release, '2014 ', Ministry of Strategy and Finance: http://www.mosf.go.kr/news/news02.jsp?boardType=general&hdnBulletRunno=62&sub_category=128&hdnFlag=&hdnDiv=183&&actionType=view&runno=4090978
Decree of the Custom Act, ' 71 ', , http://law.go.kr/lsInfoP.do?lsiSeq=155862#AJAX
Effective from 1 July 2014, the Republic of Korea introduced tariff-rate quotas (TRQ) for various products through Presidential Decree No. 25392. 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, 3 new products were added to the list through this measure, while the duration of the TRQs for 2 items from the previous measure which were valid until 30 June, extended tothe end of 2014." (see related measure)
This measure is valid from 1 July to 31 December 2014. For the exact HS codes, tariffs, quotas, and durations, we refer to Appendix 5 () of this document.
This measure was amended by the Presidential Decree No. 25896 (see related measure).