Next week, 200 tons of automotive urea to be imported from Vietnam... Additional 10,000 tons under negotiation

Government Holds Inter-Ministerial Joint Response Meeting on Urea Water Supply Issues

Lee Eok-won, Vice Minister of Strategy and Finance, is delivering opening remarks while presiding over the "Inter-Ministerial Joint Response Meeting on Diesel Exhaust Fluid Supply" held on the 8th at the Government Complex in Gwanghwamun, Seoul.

[Sejong=Asia Economy Reporter Kim Hyunjung] The government plans to import 200 tons of urea from Vietnam within next week and additionally increase the import volume of Australian urea solution by about 7,000 liters from the current 20,000 liters. Furthermore, it is accelerating measures by negotiating the import of a total of 10,000 tons from other countries.

On the 8th, Lee Eokwon, the 1st Vice Minister of the Ministry of Economy and Finance, held an inter-ministerial joint response meeting on the supply and demand of urea solution at the Government Complex Seoul to discuss these matters. Attendees included officials from the Office for Government Policy Coordination, Ministry of Foreign Affairs, Ministry of the Interior and Safety, Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Environment, Ministry of Land, Infrastructure and Transport, National Tax Service, Korea Customs Service, Public Procurement Service, National Police Agency, and National Fire Agency.

At the meeting, the government shared the status of securing supplies from overseas, confirming the expansion of the previously announced Australian import volume (20,000 liters) and the additional introduction of 200 tons of vehicle-use urea from Vietnam. According to the Ministry of Economy and Finance, 200 tons of vehicle-use urea will be introduced from Vietnam next week, and additional imports from Vietnam as well as negotiations for about 10,000 tons from various other countries are underway. The previously announced import volume of urea solution from Australia will also be increased by 7,000 liters, totaling 27,000 liters.

Additionally, the government plans to continue diplomatic consultations requesting the Chinese government to expedite export customs clearance procedures, focusing on the import volume (tens of thousands of tons) that Korean companies have already contracted with Chinese companies.

Along with this, to prevent difficulties caused by the sharp rise in urea import prices, the government shared plans to support compensation for excess costs and logistics expenses due to import substitution, and to strengthen tax support by reducing the current tariff rate of 5?6.5% to 0% through tariff quota reductions to promote imports.

Regarding the joint crackdown on hoarding starting today nationwide, led by the Ministry of Environment and including the Ministry of Trade, Industry and Energy, the Fair Trade Commission, National Tax Service, and Korea Customs Service with a total of 31 teams, the government announced that it will expedite related procedures such as holding an interim Cabinet meeting to enact and implement the ‘Emergency Supply and Demand Adjustment Measures’ under Article 6 of the Act on Price Stabilization, which allows production, supply, and shipment orders and designation of sales methods for urea solution producers and sellers to stabilize supply and demand, within this week.

Meanwhile, in his opening remarks, Vice Minister Lee Eokwon stated that daily inspection meetings will be held for the time being until the situation stabilizes to closely monitor the supply and demand trends of urea and urea solution and actively consider various measures.

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