South Korea Will Cancel Or Lower Import Quota Tariff To Ease Inflation Pressure
The South Korean government will start lifting or lowering import quota tariffs on 45 commodities in August to ease inflationary pressures.
Comprehensive foreign power reported on July 29th, South Korea said it has decided to cancel or reduce the import quota tariff of 45 commodities, in an effort to alleviate inflationary pressure caused by global commodity price rise.
韓國聯合通訊社(Yonhap News Agency)29日報道，韓國企劃財政部(Ministry of Strategy and Finance)在一份聲明中表示，面粉、鋁礦石、絲綢紗線，棉紗線和甲醇將在免稅的進口項目中。
The abolition of tariffs will take effect from August until the end of 08.
This will cost the Korean government about 150 billion won (US $149 million).
The aim of the initiative is to reduce the price of imported raw materials in the case of rising commodity prices in the global market.
It is feared that the rise in the price of global commodities will increase the already high production costs and consumer prices.
Similarly, in April 07, the Ministry of finance of the Korean Ministry of planning abolished the import quota tariff of 69 commodities, including wheat and grain, and reduced the tax rate of 4 oil related products.
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