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As Korea edges toward the full liberalization of its rice market next year, a ruling party official says the country plans to set tariffs on rice imports at more than five-hundred percent... 513 percent to be exact.
Speaking to Korea′s Yonhap News Agency, the lawmaker said officials from the agriculture ministry and the trade ministry will sit down with lawmakers later on this Thursday for more talks on the issue.
Experts say such high tariffs will help local rice producers compete with cheap imported rice from China and the U.S.
The government will submit its plans to the World Trade Organization later this month.
It will then be subject to the scrutiny of the organization′s members over a three-month period.
Up until now, the Korean government imported slightly over 400-thousand tons of rice every year on the condition that it wouldn′t have to liberalize its rice market.

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