South Korea planned to extend zero tariffs on imported pork belly as part of efforts to curb the potential price hike in the livestock product ahead of the summer holiday season, the finance ministry said Tuesday.
No tariffs will be imposed on 70,000 tons of refrigerated and frozen pork belly imported by the end of June, according to the Ministry of Strategy and Finance. The zero-tariff scheme was originally scheduled to expire this month.
The ministry attributed the extension to concerns over the possible surge in domestic pork belly prices ahead of the summer excursion season, saying that demand for the livestock product tended to jump during the period.
Tuesday March 20, 2012/ XinhuaNet.