▲ Bean sprouts
Amid recent concerns over supply shortages and rising prices for soybeans used for bean sprouts, the government is expanding its Tariff-Rate Quota (TRQ) to stabilize consumer prices and protect the related domestic industry.
The government announced today (July 13) that it has decided to increase the TRQ for soybeans used for bean sprout cultivation by 10,000 tons, raising the total from 17,450 tons to 27,450 tons.
The newly added volume will apply to imports arriving from the effective date of the revised regulation next month through the end of the year.
At the end of last year, the Ministry of Finance and Economy set the annual TRQ for bean sprout soybeans at 17,450 tons, applying a low tariff rate of 5% instead of the 487% World Trade Organization (WTO) bound tariff rate.
However, the government explained that it decided to add 10,000 tons following consultations with the Ministry of Agriculture, Food and Rural Affairs due to recent concerns over supply shortages and price hikes.
The government plans to continue closely monitoring food price trends and take preemptive measures, such as additional TRQ increases, for items experiencing unstable domestic supply and price fluctuations.
(Photo: Yonhap News)
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