December 16, 2011
The exclusion of chickens from its tariff quota list and subjecting them again to the normalised tariff rate of 20% has been decided by the South Korean government.
The Korean government allowed zero-tariff imports of chickens due to the shortfall in chicken supply in the domestic market and the subsequent rise in chicken prices in last May. As the supply stabilised, the government has decided to adjust the imported volume of chicken.
In addition, the government removes the tariff quota for flour, chickens for laying eggs, cocoa beans and corn oil along with chickens and applies the normalised tariff rates to the items.
The Korean government announced the tariff alteration at a vice ministers' meeting Thursday. The decision is subject to the Cabinet approval.
Sugar will remain as one of tariff-free import items instead of being slapped with its previous tariff rate of 35%. The government has applied the tariff quota scheme to sugar since August 2010. 'The tariff was lifted for items that significantly influenced the prices in Korea. The tariff quotas were removed from some items that have increased domestic outputs or of which the prices were stabilised,' a government official said. Given the continued inflation pressure, the government will maintain the tariff quota scheme for 110 items.