ANNOUNCEMENT 11 Aug 2011In August 2011, the government of Republic of Korea announced a change in import tariff quotas.
NUMBER OF INTERVENTIONS
Presidential Decree No. 23070, ' 71 ', http://www.law.go.kr/lsInfoP.do?lsiSeq=115972&ancYd=20110811&ancNo=23070&efYd=20110811&nwJoYnInfo=N&efGubun=Y&chrClsCd=010202#0000
Effective from 11 August 2011, the Republic of Korea updated tariff rate quotas (TRQ) for 8 products through Presidential Decree No.23070. According to the Ministry of Strategy and Finance (MOSF), TRQ measure is to stabilize price/supply of specific products in domestic market.
The ministry said that 'Reflecting the current market supply and price, 4 new products were added to the list through this measure. Besides, the size of the TRQ for pork meat (limited to processing purposes) increased from 20'000 tons to the whole quantity of imports, while additional tariff cuts were introduced for 3 products."
This measure is valid from 11 August to the end of 2011, while some products were only valid until 30 September 2011. For the exact HS codes, tariffs, quotas, and durations, we refer to Appendix 1, 2 and 3 () of this document.
This measure was amended by the Presidential Decree No. 23149 (see related measure)