Legal basis:

– Foreign Trade Act.

1.  Reasons for limitations on quantity of imports

When having a result of its investigations that the domestic industry that produces a certain kind of goods or directly competing goods suffers, or is likely to suffer, severe damage and losses due to an increase in importation of specific goods of the same kind, and thus recommends to take remedial measures for such severe damage and losses, limitations on the quantity of imports are imposed to the extent necessary for preventing or curing such severe damage and losses inflicted on the domestic industry of such goods and facilitating coordination, if it is concluded as necessary for protecting domestic industry. The period for the application of the limitations on the quantity of imports shall not exceed 04 years.

2.  Who can take measures to impose limitations?

After receiving the confirmation from the Korea Trade Commission, the Minister of Trade, Industry and Energy shall issue a public announcement of the goods subject to the limitations on the quantity of imports, the quantity thereof, the time period for the application of the limitations,…

3.  The extension of limitations on the quantity

The Minister of Trade, Industry and Energy may, if there is a recommendation of the Korea Trade Commission and it is considered necessary, revise the terms and conditions of the limitations on the quantity of imports, or extend the time period for the application of the limitations. In extending the time period for the application of limitations on the quantity of imports, the aggregate of the time period for the application of the limitations on the quantity of imports and the time period for the imposition of emergency tariffs or provisional emergency tariffs, and the extended time period thereof shall not exceed 08 years.