South Korea Cancels Import Tariffs on Lots of EU Goods

According to Yonhap News on June 29, 2011, the Free Trade Agreement (FTA) between South Korea and the EU has come into force on and from July 1, 2011, when South Korea is to cancel immediately import tariffs on more than 9,200 kinds of goods originating in the EU.

It is reported that South Korea's Ministry of Strategy & Finance (MOSF) is to release relevant Implementation Order and Rules with annual tariff schedule and commodity origin criteria on June 30, 2011.

The Ministry also says when the FTA takes effect on July 1, the country will immediately cancel import tariffs on 9,195 goods from the EU such as automobile parts and refrigerators.

Meanwhile, import tariffs on 625 goods such as over-1500cc-displacement cars, medicines and cosmetics will be cancelled gradually within 2-3 years; those on 718 goods as cars of no more than 1500cc displacement, basic cosmetics and synthetic rubbers will be cancelled gradually within 5 years.

Import tariffs on 610 agricultural products such as black tea, raw coffee beans and grape wine will be cancelled immediately; those on pork, beer and so on will be cancelled gradually within 2-10 years.

Additionally, according to relevant Implementation Order and Rules, if imports of 9 goods like beef and pork exceed their quantity limits, South Korea can impose the "Special Emergency Tariff" on such 9 goods.