The R. O. Korea Expands Tariff Quotas on Milk Powder and Pork

On February 28, 2011, the Ministry of Strategy and Finance of the R. O. Korea indicated to expand the zero tariff quotas on milk power and frozen pork belly to cope with domestic price hikes caused by foot-and-mouth disease. The new tariff policy will take effect in early March.

According to the Ministry of Strategy and Finance, the cabinet council passed the plan of expanding tariff quotas earlier that day, and decided to raise tariff-free pork quota to 60,000 tons from previous 10,000 tons before the end of June and exempt milk powder of 30,000 tons from import tariffs by the end of the year.

In addition, the R. O. Korean Government decided to temporarily reduce tariff rates on 24 types of products and increase products involved in the tariff quota to 99 types. The newly added types of products include butter, cheese, cotton thread, and aluminum ingot.