ANNOUNCEMENT 01 Jan 2015

In January 2015, the government of Republic of Korea announced a change in import duties.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE



Presidential Decree No. 25879, ' 69 ', http://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=165787&ancYd=20141230&ancNo=25897&efYd=20150101&nwJoYnInfo=Y&efGubun=Y&chrClsCd=010202#0000


Inception date: 01 Jan 2015 | Removal date: 01 Jan 2016
Still in force

Import tariff

Effective from 1 January 2015, the Republic of Korea updated Adjusted Tariffs (AT) on 10 productsthrough Presidential Decree No. 25879.
 
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 2014 (10 items). However, the measure lowered the tariff rates on eel (HS 0301.92) from 27 to 22 percent, croaker (HS 0301.99) from 26 to 10 percent as well as frozen pollack (HS 0303.79) and frozen croaker (HS 0303.79) from 40 to 28 percent.
 
This measure is valid from 1 January to 31 December 2015. For the exact HS codes, tariffs, quotas, and durations, we refer to Appendix() of this document.
 
*For the affected partners in this measure, UN Comtrade 2013 data were used.

AFFECTED SECTORS

 
041 042 212

AFFECTED PRODUCTS

 
030111 030192 030193 030199 030312 030313 030314 030331 030339 030342 030343 030344 030345 030346 030351 030353 030354 030355 030357 030363 030367 030381 030382 030383 030389 030390
(+ 16 more)