S. Korea to increase tariff-free imports from March

South Korea plans to increase zero- tariff import items from early March as part of efforts to ease rising trend of domestic prices, the finance ministry said Monday.


South Korea will expand the amount of tariff-free powdered milk and frozen pork belly from early next month, with the total number of duty-free items increasing to 99 from the current 75, the Ministry of Strategy and Finance said in a statement.


It is aimed at easing inflationary pressures in consumer prices, triggered by the massive slaughter of livestock amid the spreading foot-and-mouse disease and the rises in global oil and commodity prices, the ministry added.


The South Korean government will not impose import duties on 60, 000 tons of pork belly until June 30, sharply up from the previous 10,000 tons, with the amount of powdered milk under zero duty increasing by 21,000 tons to 30,000 tons until the end of this year, according to the ministry.


The government plans to temporarily lower import taxes on additional 24 items, including butter, cheese, cotton thread, aluminum ingot and titanium ingot, the ministry said.


The tariff rate for butter and cheese fell to zero from the current 40 and 36 percent respectively, with the rate for cotton thread, aluminum ingot and titanium ingot subject to no import taxes from the existing 2, 1 and 2 percent respectively.


South Korea can adjust import duties on specified import items under the quota tariff system to tame inflationary pressures.
(Source:http://news.xinhuanet.com)