S. Korea to end its preferential tariffs to 5 countries

SEJONG, May 9 (Yonhap) -- South Korea said Thursday it will end its preferential tariffs to Bhutan and four other countries in the coming years in line with their graduation from a U.N. list of least-developed countries. South Korea has been imposing no tariffs and no quota on imported goods from least-developed countries since 2000 to join global efforts to support poor countries. Among them, Bhutan, the South Pacific country of Vanuatu, Sao Tome and Principe, Solomon Islands and Angola are scheduled to graduate from the U.N. list of least developed countries in the coming years. South Korea's preferential tariffs to Bhutan will end in December 2023 while the measures to Solomon Islands and Sao Tome and Principe are set to expire in December 2024, according to the Ministry of Economy and Finance. South Korea will also end its preferential tariffs to Vanuatu and Angola in December 2020 and February in 2021, respectively. South Korea has ended its preferential tariffs to Equatorial Guinea after the West African country was taken off the list of least developed countries. entropy@yna.co.kr (END)