ANNOUNCEMENT 28 Jan 2011In January 2011, the government of Republic of Korea announced a change in import tariff quotas.
NUMBER OF INTERVENTIONS
Presidential Decree No. 22642, ' 71 ', http://law.go.kr/lsInfoP.do?lsiSeq=110323&ancYd=20110128&ancNo=22642&efYd=20110128&nwJoYnInfo=N&efGubun=Y&chrClsCd=010202#0000
Effective from 28 January 2011, the Republic of Korea updated tariff-rate quotas (TRQs) for various products through Presidential Decree No.22642. 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, 8 new products were added to the list through this measure. For seven of them, the tariff was removed within various quotas, while the tariff for condensed orange juice (HS 2009; 2009.1; 2009.11) was cut from 50 to 35%."
This measure is valid from 28 January to 31 June 2011. For the exact HS codes, tariffs, quotas, and durations, we refer to Appendix 1 and 2 () of this document.
This measure was amended by the Presidential Decree No. 22690 (see related measure)