Global Trade Alert
Global Trade Alert

Republic of Korea: Introduction of temporary tariff concessions and import tariff-rate quotas on seven major foodstuff items

Announcement

20 Jul 2022

In July 2022, the Korean Government adopted a Presidential Decree allowing for temporarily reduced import tariff rates and temporary import tariff-rate quotas on imports of major foodstuff items as well as of crude oil in an effort to reduce inflation. 

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Number of interventions

3

1 certainly harmful

0 likely harmful

2 liberalising

List of interventions

0 in force

Implementation date

20 Jul 2022

Revocation date:

No revocation date

Import tariff quota

On 20 July 2022, the Korean Government issued Presidential Decree No. 32818, establishing new import tariff-rate quotas for several products. The new quotas apply from 20 July 2022. In particular, the...

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Import tariff

On 20 July, the Korean Government issued Presidential Decree No. 32818, increasing the discounts applicable to imports of 2 products. The new discounts apply from 20 July until 31 December 2022. In pa...

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Implementation date

20 Jul 2022

Revocation date:

No revocation date

Import tariff quota

On 20 July 2022, the Korean Government issued Presidential Decree No. 32818, reducing the duty-free tariff-rate quota for "crude oil used to manufacture jet fuel oil" (HS 2709.00) to a volume of 20'00...

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