ANNOUNCEMENT 02 Mar 2012In March 2012, the government of Republic of Korea announced an altered import quota.
NUMBER OF INTERVENTIONS
Ordinance of the Ministry of Strategy and Finance No. 274, http://www.law.go.kr/lsInfoP.do?lsiSeq=123759&ancYd=20120302&ancNo=00274&efYd=20120302&nwJoYnInfo=N&efGubun=Y&chrClsCd=010202#AJAX
On 2 March 2012, the Ministry of Strategy and Finance announced that it will increase the market access quotas (MAQs) for 10 agricultural products including manioc, potato, sesame, red bean, and corn by a total of 4.4 million tons. The measure will be effective from 2 March to the end of 2012.
According to the ministry, the purpose of these revisions is to ensure that there is sufficient within-quota access for these specific products in order to minimize local food and feed prices.
For the exact items, changes in quota, tariffs, we refer to Appendix() of this document.