ANNOUNCEMENT 20 Feb 2014In February 2014, the government of Republic of Korea announced an altered import quota.
NUMBER OF INTERVENTIONS
Ordinance of the Ministry of Strategy and Finance No. 399, http://www.law.go.kr/lsInfoP.do?lsiSeq=151502&ancYd=20140220&ancNo=00399&efYd=20140220&nwJoYnInfo=N&efGubun=Y&chrClsCd=010202#0000
On 20 February 2014, the Ministry of Strategy and Finance announced that it will increase the market access quotas (MAQs) for 12 agricultural products including red bean, green bean, sesame, peanut and corn by a total of 6 million tons. The measure will be effective from 20 February to the end of 2014.
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.