S. Korea considers implementation of emergency tar

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S. Korea considers implementation of emergency tariff quota system,[link widoczny dla zalogowanych]
Seoul may seek to adopt an emergency tariff quota system if international raw material prices rise over current levels,[link widoczny dla zalogowanych], the Ministry of Knowledge Economy said Thursday.The ministry said applying emergency tariff quotas to key commodities, which South Korea imports,[link widoczny dla zalogowanych], could help control local consumer prices that have seen a sharp rise in recent months."We can review the implementation of an emergency tariff quota system when raw material prices soar,[link widoczny dla zalogowanych]," a ministry official was quoted by Seoul's Yonhap News Agency as saying.
"But the issue needs to be discussed with the Ministry of Strategy and Finance and detailed talks have not been made," the source said.Unlike the regular tariff quota system that is announced by the finance ministry twice every year,[link widoczny dla zalogowanych], the emergency system temporarily lowers tariff rates for imports for a certain period of time when unexpected developments,[link widoczny dla zalogowanych], such as skyrocketing prices,[link widoczny dla zalogowanych], arise.
Reducing import duties can help contain price hikes on the local market and tackle inflationary pressure.Seoul slashed import duties on sugar from 35 percent to zero percent in August last year and took similar measures in April and August of 2008 on grain and certain petroleum products.
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The storms caused considerable damage to the production of vegetables in the state,[link widoczny dla zalogowanych], and the fall in food supply has caused prices to rise in the state's capital city Rio.Some temporary bridges will be built by the army on the highways of the damaged towns. According to the local government,[link widoczny dla zalogowanych], 52 bridges will be rebuilt in the area.
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