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Korean govt to defend 513% tariff rate on rice imports
28/01/2019 12:00
The Seoul government is committed to defend the 513-percent duties on rice imports amid protracted verification process from the World Trade Organization (WTO), the Ministry of Agriculture, Food, and Rural Affairs said in a statement Monday.
Korea has won a 10-year moratorium on tariffs on foreign rice since the Uruguay Round agreement in 1994. From 2015, it has employed tariff rate quota, referring to the amount of rice the country must import on low tariff rate.
Farming majors like the United States, China, Australia, Thailand, and Vietnam have complained over Seoul’s tariff rate of 513 percent, and the WTO has been reviewing the matter since then.
Korea has won a 10-year moratorium on tariffs on foreign rice since the Uruguay Round agreement in 1994. From 2015, it has employed tariff rate quota, referring to the amount of rice the country must import on low tariff rate.
Farming majors like the United States, China, Australia, Thailand, and Vietnam have complained over Seoul’s tariff rate of 513 percent, and the WTO has been reviewing the matter since then.
January 28, 2019
Source: Pulse
Source: Pulse
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