South Korea will remove import tariffs levied on 68 products including facility equipment for new industries next year as part of efforts to foster emerging industrial sectors, the finance ministry here said Tuesday.
Starting from Jan. 1, the rate cut, which is part of the country's flexible tariff system, will be worth a combined 445.7 billion won ($372 million), down 8.2 percent from a year earlier, according to the Ministry of Strategy and Finance.
The flexible tariff system refers to a government tool to temporarily raise and lower basic tariff rates on imported products in order to achieve some policy targets including stabilizing market prices and protecting local producers.
Out of the total 68 goods subject to the temporary tariff removal, 30 products are related to new industries such as secondary battery and fuel cells, while duties on petroleum products and gasoline will be also removed to keep the price steady.
At the same time, higher tariff rates will be imposed on 14 products including steamed rice, frozen pollack and hot pepper pastes next year. (Yonhap)