Hyun-ju Han, Gounee Yang

Global Economic News

IN order to ease a supply shortage of urea water solution, the South Korean Government will increase urea water solution imported from Australia from 20,000 liters to 27,000 liters and import 200 tons of vehicle urea from Vietnam next week.

To facilitate the import process, the government will cut quota tariffs from current 5-6 percent to 0 percent and support quick customs clearance. It will also hold daily meetings until the situation is back to normal.

The government has held a joint response meeting with ministries over the supply shortage of urea water solution presided over by Lee Eog-weon, vice minister of economy and finance.

The Ministry of Foreign Affairs, Ministry of the Interior and Safety, Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Environment, Ministry of Land, Infrastructure and Transport, National Tax Service, Korea Customs Service, Public Procurement Service, National Police Agency, and National Fire Agency also attended the meeting.

The meeting was held to more effectively implement and systematically support the plans decided at the second Foreign Economic Security Strategy Meeting over the supply shortage of urea water solution organized by Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki on the previous day.

In order to diversify urea water solution exporting countries, the South Korean Government will actively import from more countries and secure supplies quickly from countries with high import potentials.

The government said it is negotiating to import additional urea from Vietnam and import about 10,000 tons from othercountries.