SEOUL, The finance ministry said Tuesday it will lower import tariffs levied on 77 industry products and food items through tariff quotas next year in an effort to curb inflation and ensure stable supplies of key products.
The planned move will be made under the country’s flexible tariff system, where the government temporarily adjusts basic tariff rates on imported goods to stabilize prices and protect local producers, among other goals.
The products subject to the temporary tariff removal include petroleum products, gasoline, items linked to such new industries as rechargeable batteries, steamed rice, frozen pollock and hot pepper pastes, according to the Ministry of Economy and Finance.
The value of the tariffs to be removed will come to around 967 billion won, it added.
The number of products to be eligible for preferential tariff rates will be reduced from this year’s 101 items, as the government decided to exclude some items whose prices have stabilized enough, and it is able to use free trade agreements and other tools to adjust their tariff level.
In November, the government said 76 items would be on the list for next year but added ammonium phosphate, a fertilizer material, Tuesday amid supply woes due to China’s export restrictions.
It also adjusted the list to lower tariffs on urea imports for industrial use to ensure stable supplies over delayed customs procedures in China, the ministry said.
Source: Yonhap News Agency