S. Korea to extend tariff quotas on 44 imported farm goods

SEOUL, June 25 (Xinhua) -- South Korea plans to extend tariff quotas on 44 imported farm goods as part of efforts to secure stable supply and help stabilize prices, the finance ministry said Monday.

Tariff quotas for 44 farm products imported from overseas, including pork belly and dried pepper, were scheduled to expire at the end of June, but the Ministry of Strategy and Finance decided to extend the expiration by the end of 2012 in a bid to curb inflationary pressures caused by global price hike in agricultural products.

The tariff quota is a flexible system that is temporarily applied to lower the basic tariff rate within 40 percentage points range in order to stabilize prices and secure a smooth supply.

The ministry said the tariff quotas on 19 other farm goods will be lifted at the end of this month as planned, but it noted that five items, including condensed orange juice, gasoline and diesel fuel, will be added to the tariff quota list, leaving a total of 88 import items under the favorable tariff system by the end of this year.

June 25, 2012

Source: Xinhua