Gov’t adjusts tariff quotas to aid livestock farmersThe government will maintain reduced tariffs for 11 imported food products such as wheat, corn and sugar, and eliminate tariffs on raw materials for feed in a bid to support livestock farmers burdened by rising feed prices.
The Ministry of Strategy and Finance yesterday announced the tariff quota implementation plan for the second half of the year. The tariff quota system temporarily discounts basic tariff rates by up to 40 percent to stabilize prices and supplies of designated items.
Currently, tariff quotas apply to 28 items for six months and 41 items for one year. Among the 28 items for which tariff quotas will expire Sunday are 17 items - including soybean oil, grape seed oil, gasoline and diesel - while they will be extended for 11 food items.
Accordingly, in the second half of the year there will be 52 items with tariff quotas, including 41 items with quotas set to expire Dec. 31.
Wheat, corn and raw materials for liquor, such as crude alcohol and malt, will continue to receive tariff benefits to help stabilize prices and supplies. Sugar, which has a 30 percent lower basic tariff rate, will also be among the extended items to promote competition.
All imports of industrial elements will maintain lower tariffs to support related industries. For such items as beet pulp, cotton seed hulls, raw materials for dairy products and animal or vegetable oils and fats, with quotas scheduled to expire at the end of the year, the ministry decided to lower rates to further help livestock farmers. In addition, the ministry said it will expand duty-free benefits on these items, which are mainly used in animal feed.
The government will also increase the amount of root crop imports used in feed by 33 percent to 800,000 tons annually.
BY KIM JUNG-YOON [firstname.lastname@example.org]