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South Korea slashes tariffs on Chinese onions to combat inflation

The South Korean government moved to keep zero tariffs on seven major foodstuff import items, in an effort to rein in price rises. With increased imports from China to ease the burden on South Korean inflation, a Chinese expert said cooperation among countries in Northeast Asia should be further strengthened amid rising global uncertainties.

Due to a myriad of complex factors, South Korea saw inflation reach its fastest pace since 1998 in June, with consumer price index advancing 6 percent from a year earlier.  To rein in the runaway prices, the South Korean government has announced some temporary measures to rein in prices in staple goods, and has decided to impose zero tariffs on seven daily necessities starting from July.

The Beijing office of the Korea International Trade Association (KITA) expects the new policy will result in an increase in onion imports from China, which has been a major supplier to South Korea of fresh and frozen onions.

Source: globaltimes.cn


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