South Korea adjusts tariffs, voluntary rate quotas

by World Grain Staff
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WASHINGTON, D.C., U.S. — South Korea’s Ministry of Strategy and Finance (MOSF) announced on Dec. 23, 2015, an updated list of adjustment tariffs and voluntary tariff rate quotas (TRQs) for certain agricultural, forestry and fishery products, the U.S. Department of Agriculture’s (USDA) Foreign Agricultural Service reported on Jan. 26.

These revisions are effective through 2016. These changes are expected to facilitate continued imports of U.S. agricultural products, particularly feed grains and food ingredients. South Korea has instituted a voluntary tariff rate quota (TRQ), mostly for feed grains to support and to increase the competitiveness of the domestic livestock farms, which are facing more pressure as free trade agreements have allowed imports to challenge domestic products.

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