ANNOUNCEMENT 30 May 2011In May 2011, the government of Republic of Korea announced a change in import duties.
NUMBER OF INTERVENTIONS
Presidential Decree No. 22935, ' 71 ', http://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=113595&ancYd=20110530&ancNo=22935&efYd=20110530&nwJoYnInfo=N&efGubun=Y&chrClsCd=010202#0000
Effective from 30 May 2011, the Republic of Korea updated Tariff Rate Quotas(TRQ) for Liquefied petroleum gas (LPG: HS 2709.00) and other crude oils for producing LPG (HS 2711.12; 2711.13).
The measure lowered tariff rates of these items from 2 to 0% through the Presidential Decree No.22935. According to the Ministry of Strategy and Finance (MOSF), the purpose of this intervention is to stabilize domestic market prices.
Although the tariff rates for these products were lowered, the quotas remained at the level of the previous TRQ decision (see related measure).
This measure is valid from 30 May to the end of 2011. This measure was amended by the Presidential Decree No. 22978 (see related measure).