South Korea to impose lowered tariffs on more pork imports

South Korea will expand the amount of imported pork subject to lower tariffs as part of efforts to stabilize food prices and ease inflationary pressure, the nation's top economic policymaker said Thursday.
Monday 11 July 2011 (6 years 7 months 9 days ago)
South Korea will expand the amount of imported pork subject to lower tariffs as part of efforts to stabilize food prices and ease inflationary pressure, the nation's top economic policymaker said Thursday.

"We will significantly expand the amount of pork imports subject to lower tariff rates, while at the same time encouraging (pork) producers and distributors to voluntarily cooperate in stabilizing prices," Finance Minister Bahk Jae-wan told an anti-inflation policy meeting.

He added that the government will sell its reserve and imported rice to local consumers at cheaper prices to induce price stability of the staple grain.

The move comes as South Korea's inflation has remained high for a prolonged period of time, spawning concerns that price instability could hurt the ongoing economic recovery.
The nation's consumer prices jumped 4.4 percent last month from a year earlier, marking the sixth straight month that the figures exceeded the government's annual inflation target of four percent.

http://balita.ph/2011/07/08/s-korea-to-impose-lowered-tariffs-on-more-pork-imports-minister/

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