[ Tariff quotas to be imposed on 37 items. ]

Starting July, the Korean government plans to impose tariff quotas on
37 import items which are in short supply domestically or whose inter-
national prices have recently surged, the Minister of Finance said rece
ntly.
Instead of basic tariffs of 2 to 30 percent, the 1 to 90 percent tariff
quata rates will be levied on the imported goods till year end, it said.
The ministry has chosen the 37 products from a list of 50 items on which
other government agencies requested it impose tariff quotas, it said.
Of the items, bananas will be slapped with the higest 90 percent tarif
f quota rate with the lowest 1 percent duty rate applying to crude oil
, raw cotton and lumber.
Through the tariffication, the government expects to raise 133.99 bill-
on won revenues.
The government imposes tariff quotas on certain goods to attain smooth
supply and stabilize domestic prices or to prevent imports of selected
products.