ANNOUNCEMENT 01 Jan 2012In January 2012, the government of Republic of Korea announced a change in import duties.
NUMBER OF INTERVENTIONS
Presidential Decree No. 23390, ' 69 ', http://www.law.go.kr/lsInfoP.do?lsiSeq=119800#0000
Effective from 1 January 2012, the Republic of Korea updated the Adjusted Tariffs (AT) on 10 productsthrough Presidential Decree No. 23390.
According to the Ministry of Strategy and Finance, the adjusted tariffs are an instrument to counter a surge in imported goods, which is feared to disrupt the domestic market or weaken the domestic industrial foundation.
The ministry stated that the total number of items on the list remained unchanged from the previous AT list of 2011 (10 items). However, the tariff rates on 4 items were lowered by 2 to 4 percent.
This measure is valid from 1 January to 31 December 2012. For the exact HS codes, tariffs, quotas, and durations, we refer to Appendix() of this document.
This measure was amended by the Presidential Decree No. 24287 (see related measure)