December 29, 2010

 

South Korea to implement tariffs on farm products

 

 

South Korea will implement special safeguard measures on 23 agricultural goods in the following year to protect local producers from an increase in cheap imports, the government said on Tuesday (Dec 28).

 

The Ministry of Strategy and Finance said the measures will be carried out on products such as buckwheat corn and wheat.

 

Actions are to be taken if there is a sudden increase in imports or decline in overseas prices for products that can have negative effect on domestic growers and industries, it said.

 

"The items subjected for control were selected because of the relatively large difference in prices between overseas and locally grown products," the ministry said.

 

The selection was made based on the average import volume and price fluctuation in the last three years with the Ministry for Food, Agriculture, Forestry and Fisheries making recommendations, it said.

 

The measures are in accordance with WTO rules and can be implemented from January 1 through December 31 following accepted international standards.

 

The ministry said compared to this year, two products have been taken off the safeguard list due to the lack of imports.