ANNOUNCEMENT 01 Jan 2015In January 2015, the government of Republic of Korea announced a change in import tariff quotas.
NUMBER OF INTERVENTIONS
Presidential Decree No. 25392, ' 71 ', http://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=165786&ancYd=20141230&ancNo=25896&efYd=20150101&nwJoYnInfo=Y&efGubun=Y&chrClsCd=010202#0000
Effective from 1 January 2015, the Republic of Korea introduced tariff-rate quotas (TRQ) for various products through Presidential Decree No.25392. According to the Ministry of Strategy and Finance (MOSF), the purpose of this intervention is to stabilize domestic market prices.
Reflecting the current market supply and price, 1 new products were added to the list for this year, while 11 out of 65 items from the previous TRQ list were removed. Therefore, a total of 55 items are affected by the new TRQ list in 2015.
This measure is valid from 1 January to the end of 2015, while some products were only valid until 31 March,or 30 June 2015. For the exact HS codes, tariffs, quotas, and durations, we refer to Appendix 1-4 () of this document.
*Affected trade partners here are based on the data in 2013 (UN Comtrade)