ANNOUNCEMENT 07 Mar 2011In March 2011, the government of Republic of Korea announced a change in import tariff quotas.
NUMBER OF INTERVENTIONS
Presidential Decree No. 22690, ' 71 ', http://www.law.go.kr/lsInfoP.do?lsiSeq=110920&ancYd=20110307&ancNo=22690&efYd=20110307&nwJoYnInfo=N&efGubun=Y&chrClsCd=010202#0000
Effective from 7 March 2011, the Republic of Korea updated tariff rate quotas (TRQ) for 31products with Presidential Decree No.22690. 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, 22 new products were added to the list through this measure. Besides, additional tariff cuts were introduced for 7 products, while size of the TRQs for 2 products increased."
This measure is valid from 7 March to the end of 2011, while some products were only valid until 30 June 2011. For the exact HS codes, tariffs, quotas, and durations, we refer to Appendix 1 and 2 () of this document.
This measure was amended by the Presidential Decree No. 22925 (see related measure)