In January 2009, the government of Republic of Korea announced a change in import tariff quotas.



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Inception date: 01 Jan 2009 | Removal date: 02 Jul 2009

Import tariff quota

Effective from 1 January 2009, the Republic of Korea has established tariff-rate quotas (TRQ) for various products through Presidential Decree No. 21198. According to the Ministry of Strategy and Finance (MOSF), the purpose of this intervention is to stabilize domestic market prices.
Ministry said that 'Recently, the international commodity price has been stabilized so that we decided to reduce the size of TRQ in 2009.' To this end, 29 out of 109 products were removed from the previous TRQ list in 2008. However, 6 items were additionally included in the TRQ list due to import price increases of these items. 
This measure is valid from 1 January to 30 June 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. 21580 (see related measure)