eoul [South Korea] : In order to ease a supply shortage of urea water solution, the 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 within next week.
For smooth import process, the government will cut quota tariffs from current 5-6 per cent to 0 per cent and support quick customs clearance. It also will hold daily meeting until the situation backs to normal. On the morning of the 8th, the government held a joint response meeting with ministries over the supply shortage of urea water solution presided over by Lee Eog-weon, the 1st Vice Minister of Economy and Finance.
At this meeting, 1st Vice Minister of Economy and Finance Lee Eog-weon, 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 attended.
The meeting was held to more effectively implement and systematically support the plans decided at the 2nd 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, where Korea is currently highly dependent on China, the government will actively importing from third countries and securing supplies quickly from countries with high import potential.
In addition, it will increase imported urea water solution from Australia from initial 20,000 liters to 27,000 liters.
It will also import 200 tons of vehicle urea from Vietnam within next week. 200 tons of urea is about 200,000 liters. The government said it is negotiating to import additional urea from Vietnam and import about 10,000 tons from various countries.