South Korea to impose zero per cent quota tariffs on Norwegian mackerel

The South Korean Government has decided upon the imposition of a zero per cent quota tariff on mackerel imported from Norway as part of a broader effort to stabilise prices.

The zero per cent quota tariff will apply only to 10,000 tons of Norwegian mackerel and will remain in effect from July 1 until the end of the year.

The quota tariff for Norwegian mackerel currently stands at 10 per cent.

The South Korean Ministry of Economy and Finance said the measure would help stabilise prices following the recent increases in the prices of raw materials and oil, particularly in the international market.

Officials expect the measure would ease the burden on local households, many of whom depend on mackerel and other low-cost seafood for their daily meals.

A meeting by the country's State Council cabinet is scheduled to be held next week to finalise the revision in the quota tariff enforcement decree.