ANNOUNCEMENT 01 Jan 2014In January 2014, the government of Republic of Korea announced a change in import duties.
NUMBER OF INTERVENTIONS
Presidential Decree No. 25054, ' 69 ', http://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=149237&ancYd=20131231&ancNo=25054&efYd=20140101&nwJoYnInfo=N&efGubun=Y&chrClsCd=010202#0000
Effective from 1 January 2014, the Republic of Korea updated Adjusted Tariffs (AT) on 10 productsthrough Presidential Decree No. 25054.
According to the Ministry of Strategy and Finance, the adjusted tariffsare an instrument to counter a surge in imported goods, which is fearedto disrupt the domestic market or weaken the domestic industrialfoundation.
The ministry stated that the total number of items on the list remained unchanged from the previous AT list of 2013 (10 items). However, the measure lowered the tariff rates of both croaker (HS 0301; 0301.9; 0301.99) and glass noodles (HS 1902; 1902.1; 1902.19) from 28 to 26 percent.
This measure is valid from 1 January to 31 December 2014. 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. 25879 (see related measure)