Tuesday, July 1st, 2014
SEOUL, KOREA - Hyun Oh-seok, the Deputy Prime Minister and Minister of Strategy & Finance, said on June 30 that his ministry would respond adequately to the upcoming expiration by the year's end of the World Trade Organization-sanctioned postponement to open its rice markets to more foreign competition. The Deputy Prime Minister held a foreign ministerial meeting at Seoul's government building and said, "I will review what has been discussed so far on the issue and get feedbacks from the National Assembly to make final decisions."
The government was going to make an announcement on the day that it would open up the rice markets from next year on condition that it impose high tariffs rather than increasing quotas and negotiating to extend the cap system. But it changed its direction after a fierce opposition from farmers and the general public by delaying the announcement by next week after consultation and a series of public hearings.
He added, "The government has long reviewed major possible issues surrounding the opening of the rice markets by the end of 2014. Before making conclusions, we will take into account many aspects including the future direction of our rice industry."
It is unlikely that the market opening would increase the volume of rice imports as heavy tariffs would keep buyers from making overseas purchases. Still the opening has an important symbolic importance in that the nation has allowed the politically sensitive sector to open to foreign competition.