ANNOUNCEMENT 25 Aug 2010In August 2010, the government of Republic of Korea announced a change in import tariff quotas.
NUMBER OF INTERVENTIONS
Effective from 25 August 2010, the Republic of Korea introduced a new tariff rate quota (TRQ) for refined sugar through Presidential Decree No. 22353. According to the Ministry of Strategy and Finance (MOSF), the purpose of the TRQ is to stabilize domestic market prices.
The ministry said that 'Reflecting the current supply/price of sugar in the domestic market, the import tariffs on sugar (HS 1701.9; 1701.91; 1701.99) were reduced from 35% to 0% for a quantity of up to 100,000 tons."
This measure is valid from 25 August to the end of 2010. This measure was amended by the Presidential Decree No. 22428 (see related measure)