ANNOUNCEMENT 24 Jul 2012In July 2012, the government of Republic of Korea announced a change in import tariff quotas.
NUMBER OF INTERVENTIONS
Presidential Decree No. 23972, ' 71 ',
Effective from 24 July 2012, the Republic of Korea introduced tariff-rate quotas (TRQ) for onions and spring onions through Presidential Decree No.23972. 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, import tariffs on onion (HS 0703; 0703.10) were reduced from 50 to 10% for up to 110,545 tons, while import tariffs on spring onion (HS 0703; 0703.90) were reduced from 27 to 0% for the whole quantity."
The TRQ for both items is valid from 24 July 2012 and to 31 August 2012 for spring onion or to 31 December 2012 for onion, respectively. This measure was amended by the Presidential Decree No. 24121 (see related measure)