S. Korea to cut tariff rates on 77 products in 2020

South Korea's Cabinet on Tuesday approved a plan to lower tariff rates on 77 products next year to bolster the country's industrial competitiveness and stabilize prices of domestic goods.

The products covered by a tariff quota include crude oil, liquefied natural gas and cobalt sulfate, a key ingredient in making batteries for electric vehicles, according to the Ministry of Economy and Finance.

Under the tariff quota, which is set to take effect between Jan. 1 and Dec. 31 next year, tariff rates on raw materials for rechargeable batteries, including cobalt sulfate and lithium cobalt oxide, are set to be lowered to zero percent, the ministry said.

Tariff rates on crude oil designed to make naphtha are set to be lowered to 0.5 percent, it added.

Meanwhile, the government said it will impose higher tariff rates on 14 products next year, including steamed rice, frozen pollock and hot pepper pastes, by taking into account the difference between domestic and foreign prices of agricultural and fishery goods. (Yonhap)