SOUTH KOREA

Tariff Reduction Planned: The government said it will reduce or eliminate tariffs on 252 industrial products in response to demands made during the Uruguay Round of the General Agreement on Tariffs and Trade. The plan will become effective if it is accepted by GATT, Finance Ministry officials said. The plan calls for 60 products from eight industries--including steel, furniture, beer, medicine and construction and agricultural equipment--to become duty-free by 1999. Tariffs for these products, currently about 8%, will be gradually eliminated, although the schedule of reduction has not been finalized, ministry officials said. Another 192 items, mostly chemical products, will have their tariffs reduced to less than 6.5% in 10 to 15 years, the officials said. The Seoul government has decided to uphold tariffs on 19 categories, including vitamins, penicillin and hydrocarbons, the officials said.