ANNOUNCEMENT 16 May 2015In May 2015, the government of Republic of Korea announced a change in import duties.
NUMBER OF INTERVENTIONS
On 16 May 2015, the Korea Customs Service issued Notice No. 46 of 2015 in accordance with Article 68, introducing emergency import tariffs on 11 tariff lines between 16 May 2015 and 31 December 2015. The affected items are (Korean HS codes: emergency tariff rates %):
Under Article 68 of its Customs Act, the Republic of Korea reserved the right to impose special emergency tariffs on agricultural, forestry and livestock products. The Korean government may do so in case importes surge or import prices deteriorate sharply. The tariffs may be applied for period between 200 days but up to four years.