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Korea to scrap duties on equipment imports for new industries

According to Pulse by Maeil Business News Korea,

South Korea will scrap import tariff on 23 items including production equipment for rechargeable batteries and organic light-emitting diode (OLED) as part of government measures to promote new growth industries.

The government decided in a cabinet meeting on Tuesday to apply tariff-rate quota permits to 23 import items in seven industries. Under the measure, these merchandises will be able to be entered at zero customs duty starting Aug. 1 instead of the usual levy of 3 percent to 8 percent.

Governments employ tariff-rate quota to temporarily help an industry or stabilize domestic prices.

The items consist of 16 in the energy sector including rechargeable batteries, five in OLED and system semiconductor production equipment in the next-generation electronic data equipment sector, and two in carbon fiber and polyketon production equipment in the composite material sector.

By Lee Seung-yoon

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Jul. 27, 2016)

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