South Korea to set tariff on out-of-quota

18/09/2014,

In anticipation of the WTO Special Treatment expiring on 31 December 2014, the Government has announced its intention to apply a tariff rate of 513 percent to rice imports, the highest under the WTO agriculture agreement. This tariff, which still has to be approved by WTO, will apply to rice import quantities above the minimum market access (MMA) that are subject to a tariff of 5 percent. Under the WTO agreement, the MMA quota has gradually increased each year from 51 000 tonnes in 1995 to 408 700 tonnes in 2014.