South Korea decides to implement zero tariffs on imported masks for a limited time

According to Yonhap News Agency, South Korea’s Ministry of Strategy and Finance voted at the State Council on the 17th to adopt an amendment to the “Regulations on the Application of Tariff Quotas” and decided to suspend tariffs on imported masks and core raw materials for masks. According to the amendment, the government reduced the tariff on medical masks from 10% to zero on that day, and the tariff on melt-blown cloth, the core material for the production of masks, was reduced from 8% to zero. The zero-tariff measures will be implemented from March 18 to June 30. As a result, the shortage of domestic mask supply can be alleviated, and the burden on mask manufacturers who import melt-blown cloth is also expected to be reduced.