S Korea to Impose Tariff Quotas on Pork Imports
SOUTH KOREA - The Republic of Korea will impose a tariff quota on imported pork to cope with the unstable supply caused by the country's ongoing epidemic of foot-and-mouth disease, the Ministry of Strategy and Finance said Tuesday.
25 January 2011
1 minute read
The ministry said the current tariff of 25 per cent on pork used as a raw material for meat processed products will be lowered to zero per cent starting this month. A total of 60,000 tons of pork will be subject to the tariff reduction.
The tariff quota allows the government to cut tariff on the import of up to 40 per cent in order to stabilize prices or to help certain industries.
The measure will remain effective until the end of June. The ministry said that it will consider extending the cut further depending on market conditions after the target month.
The move is aimed at stabilizing prices of pork as the worst-ever outbreak of FMD has forced ROK to cull more than 2.5 million livestock, mostly cattle and pigs.
