Choe Sang-mok: "Extension of Tariff Quotas on 28 Fruits Including Bananas Until the Second Half of the Year"

Government, Price-Related Ministers' Meeting

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, attended the Price-Related Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 4th, and spoke about trends and countermeasures regarding agricultural products, food, and dining prices. Photo by Jo Yong-jun jun21@

As fruit prices continue to soar, Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, announced on the 4th that "we will make every effort to stabilize grocery prices, including extending the tariff quotas on 28 types of fruits such as bananas, which were scheduled to end this month, through the second half of the year."

The Ministry of Strategy and Finance stated that at the 'Price-Related Ministers' Meeting' held at the Government Seoul Office Building on the same day, chaired by Deputy Prime Minister Choi, they discussed price trends and countermeasures, as well as the progress of market monitoring and competition promotion to stabilize people’s livelihoods. The meeting was attended by ministers and vice ministers from the Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Oceans and Fisheries, Fair Trade Commission, and Statistics Korea.

Regarding the 2.7% increase in consumer prices in May, Deputy Prime Minister Choi evaluated, "The slowdown trend has continued since peaking at 3.1% in March, and if there are no additional shocks, prices are expected to stabilize in the low to mid 2% range in the second half of the year."

However, he mentioned that despite the slowdown in the index, the overall price level remains high, causing continued difficulties for low-income households, emphasizing that "to stabilize the perceived living costs and grocery prices, the government and businesses must work together more closely."

The government decided to extend the tariff quotas on 28 types of fruits, including bananas, which were scheduled to end this month, through the second half of the year. Additionally, tariff quotas will be newly applied to garlic, and extended for three types of vegetables: napa cabbage, carrots, and cabbage.

For businesses, the government will maintain the tariff quotas on raw sugar and processed egg products applied earlier this year through the second half, and will add orange and coffee concentrate, supporting cost burden reduction for a total of 19 types of food raw materials. Businesses are requested to participate in price stabilization efforts through cost reduction initiatives.

Deputy Prime Minister Choi urged public institutions to manage public utility charges stably, emphasizing that since public utility charges are directly linked to people’s livelihoods, they should refrain from raising fees as much as possible, and if unavoidable, minimize the increase to a level acceptable to the public. The government plans to exempt tariffs on liquefied natural gas (LNG) through the second half of the year.

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