More tariff relief for poorer countries to balance growth

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More tariff relief for poorer countries to balance growth

Korea will expand preferential tariffs for underdeveloped countries as part of its international commitment to helping developing economies and promoting balanced growth on a global level, the Ministry of Strategy and Finance said yesterday.

The government will add 253 products from 48 poorly developed countries to the list of goods exempted from import duties starting next year, according to the ministry. It now offers such tax benefits to a total of 4,549 products.

The move will raise the tax-free ratio for products shipped overseas from such nations from 90 percent to 95 percent, the ministry noted.

Newly-added items include shirts, pants, jackets, fruit juice, wine, whiskey and other agricultural goods, but crude oil, rice, beef, garlic and other products that can hurt domestic businesses are excluded, the ministry said.


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