S. Korea to raise tariff free import quota from developing countries

SEOUL, Nov. 26 (Yonhap) -- South Korea will raise its tariff-free import quota on
products made in developing countries next year as part of its efforts to assist
economically hard-pressed countries, the government said Thursday.
The Ministry of Strategy and Finance said it will raise the proportion of
products that can be imported without paying duties from the current 80 percent
to 85 percent in 2010.
The move can permit an additional 251 different products made by the world's 49
poorest countries to enter South Korea without paying duties.
It said this will be raised another 5 percentage points to 90 percent in 2011 and
to 95 percent in the following year.
"The benefits will cover most manufactured goods but not those in the
agricultural sector like rice," an official said. Such restrictions are needed to
protect local farmers.
Seoul started to allow some products from developing countries to be imported
without paying duties starting in 1997.
The ministry, meanwhile, said that the country will increase its contributions
made to international organizations to assist poor countries from 15.4 billion
won (US$13.3 million) this year to 50.4 billion won in 2010.
The contributions are to be made to such organizations as the International
Monetary Fund, and the African Development Bank.
yonngong@yna.co.kr
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