Eggs Allocated Tariffs Applied Until First Half of Next Year · LNG Winter Season '0%' Allocated Tariffs Applied

[Sejong=Asia Economy Reporter Son Sunhee] The government plans to apply 'tariff quotas' that reduce tariff rates on 90 items including basic raw materials and agricultural and marine products to strengthen industrial competitiveness in small and medium-sized enterprises and new growth industries.

According to the Ministry of Economy and Finance on the 28th, the government reviewed and approved the 'Amendment to the Tariff Quota Regulations' and the 'Amendment to the Adjustment Tariff Regulations' with such contents at the Cabinet meeting on the same day. This is to implement the '2022 Flexible Tariff Operation Plan' and will be applied from January 1 to December 31 of next year.

The number of items subject to tariff quotas next year is 90, an increase from 83 this year, marking the largest scale ever. Fifteen new items, including carbon fiber winders and renewable naphtha, were newly added to support new industries, while eight items such as electric heaters for secondary battery manufacturing were excluded due to completion of facility investment or low support effectiveness through free trade agreements (FTA).

A 0% tariff rate will be applied to 18 items including raw materials and equipment for fostering new growth industries such as secondary batteries and fuel cells. A 0% tariff rate will also be applied to 14 items including equipment and raw materials to strengthen competitiveness in materials, parts, and equipment.

Seven egg-related items, which are of concern for price increases due to the spread of avian influenza (AI), will continue to receive tariff quota support. However, the 0% tariff quota applied to eggs and egg products will only be valid until June 30 of next year.

In the case of liquefied natural gas (LNG), tariff quotas will be applied only during the winter season (October 1, 2022 to December 31, 2022), when prices rise due to increased heating demand.

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