Government Applies Low Tariffs on 83 Items Including Secondary Batteries and Fuel Cells to Stabilize Prices

On the 28th, the Ministry of Economy and Finance Announces the '2021 Tariff Quota and Adjustment Tariff Operation Plan'

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[Asia Economy Reporter Jang Sehee] The government announced that it will operate "tariff quotas" to stabilize import prices by applying low tariff rates to 83 items next year, including secondary batteries, fuel cells, and steel raw materials.

The Ministry of Economy and Finance announced the "2021 Tariff Quota and Tariff Adjustment Operation Plan" containing these details on the 28th.

The tariff quota items reflect the demands of industries struggling due to the novel coronavirus disease (COVID-19), supporting the largest number of items since 2013. All items related to new growth industries and materials, parts, and equipment will be subject to zero tariffs.

For 11 items including silicon metal and rhodium, tariff rates will be reduced from the existing rates. In particular, tariff rates for 22 items related to new growth industry development, such as secondary batteries and fuel cells, including related equipment and raw materials, will be lowered to 0%.

To strengthen the competitiveness of materials, parts, and equipment, zero tariffs will be applied to 13 items including related equipment and raw materials. To support supply stability for the top 100 items subject to export regulations, continuous support will be provided for 10 out of the existing 11 items.

Additionally, the government will reduce tariff rates on basic raw materials such as petroleum, automotive catalysts, and steel raw materials to stabilize prices and support industrial competitiveness. New support will be provided for automotive harmful gas reduction catalysts, and support for steel raw materials will be expanded to include titanium types.

Furthermore, as part of support for farms, tariff quotas on 21 items including corn and baby eel will continue to be applied as in this year. The applicable quantities for feed corn, feed processed products, manioc chips, and sugar will also be expanded. Some feed raw materials and pesticide raw materials have also been designated as tariff quota items.

Meanwhile, tariff adjustments for these items will be applied for one year from January 1 to December 31 of next year.

This content was produced with the assistance of AI translation services.