ANNOUNCEMENT 01 Jul 2011In July 2011, the government of Republic of Korea announced a change in import tariff quotas.
NUMBER OF INTERVENTIONS
Presidential Decree No. 22978, ' 71 ', http://www.law.go.kr/lsInfoP.do?lsiSeq=114322#0000
Effective from July 2011, the Republic of Korea introduced tariff-rate quotas (TRQ) for various products through Presidential Decree No. 22978. 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, 10 new products were added to the list through this measure, while the duration of TRQs for 34 out of 44 items from the previous measure, which were only valid for the first half of 2011, was extended to the end of 2011. Besides, size of the TRQ for root crops for forage increased, while additional tariff cuts were introduced for 2 products from the previous TRQ list.'
This measure is valid from 1 July to 31 December 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. 23070 (see related measure).