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newrice

Korea to Set Rice Tariff at 513 Percent

The Korean government will set the rice tariff import rate at 513%, though local farmers still oppose the liberalization of the rice market.

South Korea today formally notified the World Trade Organization (WTO) today it will open its rice market starting next year with a 513% tariff rate. 

The Ministry of Trade, Industry and Energy said in a press release that the government has submitted its plan to revise the country’s tariff rate on rice imports through tarrification that will go into effect Jan. 1st, 2015. 

The move comes as a special agreement with the WTO that allowed the country to delay its rice market liberalization over the past 20 years expires at the end of this year. 

Some people, especially local farmers, had argued that the country should negotiate another delay. The government said such an option would entail a high cost and argued back that the proposed 513 percent tariff would be high enough to protect South Korean farmers. 

The proposed tariff rate is subject to the WTO’s approval. 

Source: Busan eFM News


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