Gov`t to levy special safeguard on excessive rice import

The Korean government made an official announcement to open the rice market to imports (under high tariff terms) starting from next year. Super-high tariffs will be imposed to protect local rice farmers and special safeguard will be levied on excessive rice import or drastic drop in the import prices.

Agriculture, Food and Rural Affairs Minister Lee Dong-pil told reporters after the economy ministers` meeting at the Seoul Government Complex on Friday, “The conclusion was drawn as the rice tariffication is the best and inevitable option for the rice industry`s future.

Korea has been exempted from liberalizing its rice market twice since 1995 when the World Trade Organization was established. Under the government decision, the local rice market will be completely open under tariff system. The government will exclude the rice issue from future Free Trade Agreement talks or the Trans-Pacific Partnership to retain the high rate of tariff and plans to issue "Rice Industry Development Program" in support to local rice farmers.