Customs authority’s efforts to cope with climateflation
The quota tariffs stipulated in Article 71 of the CUSTOMS ACT ( 관세법 ) are flexible tariffs. They enable the application of tariff rates lower than the basic tariff rates when promoting the importation of specific goods is necessary, or higher than the basic tariff rates when suppressing importation of specific goods is required. Quota tariffs are frequently utilized to stabilize domestic prices of certain goods. The items subject to quota tariffs and their applicable periods are promulgated under the Presidential Decree, ‘REGULATION ON THE APPLICATION OF QUOTA TARIFFS UNDER ARTICLE 71 OF THE CUSTOMS ACT ( 관세법 제 71 조에 따른 할당관세의 적용에 관한 규정 ).’ In 2024, only the quota tariffs lower than the basic tariff rates will apply. Depending on the items, quota tariffs apply to either the entire imported amount or a limited amount. When a limited amount is stipulated, a recommendation from the relevant authority is commonly required. Korea is a county with a low food self-s...