S. Korea sets official tariff on rice at 513 pct

Economy 09:56 January 22, 2021

SEOUL, Jan. 22 (Yonhap) -- South Korea said Friday it has officially set its tariff on imported rice exceeding a quota at 513 percent, ending its yearslong tariffication process for the nation's key staple grain.

Under the measure, South Korea will slap a 513 percent tariff on imported rice for quantities outside a designated quota, according to the Ministry of Agriculture, Food and Rural Affairs.

Quantities below the quota of 408,700 tons will be imposed with a tariff of 5 percent.

The measure is aimed at providing only minimum market access to overseas suppliers. Rice is a key staple food for Koreans.

South Korea, which joined the World Trade Organization (WTO) in 1995, had delayed its rice market liberalization for 20 years.

In 2014, the country suggested that it will set the tariff at 513 percent. The WTO approved the plan in 2020.