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

SEOUL, Dec. 24 (Yonhap) -- South Korea will raise its tariff-free import quota on
products made in developing countries next month as part of its efforts to assist
economically hard-pressed countries, the government said Thursday.
The Ministry of Strategy and Finance said that starting on Jan. 1, it will raise
the number of products, imported from the world's 49 poorest countries that enter
South Korea with a zero-tariff import quota scheme, by 251 to 4,294.
The move brings the proportion of such tariff-free products against all products
subject to duty levying to 85 percent from the current 80 percent.
The ministry earlier said this would be raised another 5 percentage points to 90
percent in 2011 and to 95 percent in the following year.
Seoul started to allow some products from developing countries to be imported
without paying duties starting in 1997.
yonngong@yna.co.kr
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