Tariff rate on imported crude oil will be lowered 3% through tariff quota system again next year. 
On Dec. 8, the Ministry of Finance and Economy has announced an outline of a plan, Tariff Adjustments and Tariff Quota Application Plan for 2004, to drop basic tariff rate (5%) on crude oil to 3% after due consideration and allow free entry on raw material that cannot be found in Korea, such as iron ore. 
The tariff quota system is a flexible tariff that is applied temporarily and adjusts tariff within 40% of the basic tariff rates for reasons of price stabilization or to facilitate the supply and demand of resources. 
In order to buildup industrial competitive power, basic tariff rate of 5% on crude oil has already been lowered to 3% last June and is planned to drop again as the tariff quota system will continue next year. 
And also, 18 raw materials that are dependent on import, such as naphtha for manufacturing, iron ore, manganic ore, copper and more, will be affected by the quota system next year and be admitted custom free. 
Other than this, exclusive glass used for organic EL (Organic Light Emitting Display) which is in the initial development stage will also affected by a 4% drop on tariff. 
If the market may become deranged by the sudden increase of import on specific goods, among 23 products that are subjects to increase tariff rates up to 100%, tariff on sea bass, sea bream, soybean, pyogo mushroom and other agricultural and marine products (cotton and silk fabric, and silk yard excluded) will be adjusted 3~5% points lower that current rates. 
Source: Yonhap News Agency, December 8, 2003