South Korea to raise tariff-free quota

SEOUL, Nov. 26 (UPI) -- South Korea says it will raise its tariff-free import quotas on products made in developing countries next year to help economically hard-pressed areas.

The Ministry of Strategy and Finance said the current 80 percent of products now imported duty-free would be raised to 85 percent in 2010, Yonhap News Agency reported Thursday.

That means an additional 251 different products made by the world's 49 poorest countries will be able to enter South Korea without paying duties.

The ministry said the percentage would be raised another 5 points to 90 percent in 2011 and to 95 the following year.

The ministry, meanwhile, said that the country will increase its contributions to assist poor nations from $13.3 million to $43.6 million in 2010.