ANNOUNCEMENT 05 Jun 2012In June 2012, the government of Republic of Korea announced a change in import tariff quotas.
NUMBER OF INTERVENTIONS
Presidential Decree No. 23828, ' 71 ', http://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=126004#0000
Effective from 5 June 2012, the Republic of Korea removed restrictions on purpose of use from the tariff rate quotas (TRQ)s for both refined sugar (HS 1701.9; 1701.91; 1701.99) and urea (HS 3102.10) through Presidential Decree No. 23828.
Previously, the TRQs for both items were limited to the certain purpose of use. TRQ for sugar was limited only to the purpose of food processing. For urea, the stated purpose had to be particle board production.
According to the Ministry of Strategy and Finance (MOSF), the purpose of this measure is to promote the usage of TRQ on these products so as to stabilize domestic market prices.
Later, TRQ list was amended by the Presidential Deree No. 23828