Effective from 1 April 2012, the Republic of Korea updated tariff-rate quotas (TRQ) for swine meat and dried chili through Presidential Decree No.23673. 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, the duration of TRQ for swine meat (HS 0203, 0203.1, 0203.19, 0203.2, 0203.29) and dried chili (HS 0904, 0904.2, 0904.21), was extended to the end of June 2012." Furthermore, the measure increased the size of TRQ for swine meat by 70,000 tons and for dried chili from 6,185 to 11,185 tons.
 
This measure is valid from 1 April to the 30 June 2012. This measure was amended by the Presidential Decree No. 23828 (see related measure)