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ANNOUNCEMENT 01 Jan 2015
In January 2015, the government of Republic of Korea announced a change in import duties.NUMBER OF INTERVENTIONS
1
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
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.