ANNOUNCEMENT 01 Jan 2011In January 2011, the government of Republic of Korea announced a change in import tariff quotas.
NUMBER OF INTERVENTIONS
Press Release, ' , 67 ', Ministry of Strategy and Finance, http://www.mosf.go.kr/news/news02.jsp?boardType=general&hdnBulletRunno=62&sub_category=128&hdnFlag=1&hdnDiv=183&&actionType=view&runno=4008377
Presidential Decree on Tariff Rate Quota (TRQ), ' ', http://law.go.kr/flDownload.do?flSeq=4947958
Effective from 1 January 2011, the Republic of Korea has established tariff-rate quotas (TRQ) for various products through Presidential Decree No.22552. 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, 21 new products were added to the list through this measure, while 10 out of 53 products removed from the previous TRQ list in 2010."
This measure is valid from 1 January to the end of 2011. 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. 22642 (see related measure)