S Korea to increase tariff-free imports from May

SEOUL, May 3 (Xinhua): South Korea plans to increase zero-tariff import items from May as part of efforts to ease prices hikes, the finance ministry said Tuesday. The government will impose lower or no tariffs on 9 additional food imports to secure supply in the wake of the outbreaks of foot and mouth disease and avian influenza, the ministry of strategy and finance said in a statement. Eight imported products, including chicken, milk cows, rice bran oil, processed chocolate, processed dairy cream, cream cheese, gouda cheese and recycled or semi-synthetic filament, will be subject to duty exemptions, according to the ministry. Among them, 50,000 tons of chicken meat and 10,000 heads of milk cow will be exempted from import tariffs until the end of this year. No duty rates for all the imported rice bran oil, processed chocolate and recycled or semi-synthetic filament will be imposed until the year-end, the ministry said. The government will newly cut the import duties on all the imported raisins to 8 per cent from the current 21 per cent until the end of the year. In a follow-up move, 20,000 tons of refrigerated pork belly will be added to the current 60,000 tons of frozen pork belly under zero duty by the end of June, according to the ministry.