(1) Where the outcomes of an investigation verify that any goods, the country of origin of which is a country prescribed by Presidential Decree (hereafter referred to as "goods of a particular country" in this Article) fall under any of the following cases, emergency tariffs (hereinafter referred to as "emergency tariffs on the goods of a particular country") may be additionally assessed thereon within limits permitted at international conventions or general international rules to relieve or prevent injuries therefrom:
1. Where the increased import of the relevant goods causes or is likely to cause any disruption to the domestic market;
2. Where the relevant goods are imported or is likely to be imported to Korea following a serious trade turnaround triggered by measures taken by member countries of the World Trade Organization to relieve or prevent any injury in their respective countries caused by the increased import of the relevant goods.
(2) "Causes or is likely to cause any disruption to the domestic market" in paragraph (1) 1 means cases where the increased import of goods of a particular country causes or is likely to cause substantial injury on the domestic industry which produces the same goods or goods under direct competition with such specific goods.
(3) Matters necessary for goods subject to the assessment of emergency tariffs or provisional emergency tariffs on the goods of a particular country referred to in paragraph (5), tariff rates, application period, volume, means of import-control, etc. shall be prescribed by Ordinance of the Ministry of Economy and Finance.
(4) When the Minister of Economy and Finance intends to assess the emergency tariffs on the goods of a particular country, he or she may consult in advance with the particular country to figure out methods to resolve the impending trade dispute.
(5) Where it is deemed that unless measures are taken to prevent disruption to the domestic market while an investigation is in progress to determine whether the emergency tariffs are assessed on the goods of a particular country pursuant to paragraph (1) 1, the domestic market is undermined by unrecoverable injury or is likely to be undermined by such injury, the provisional emergency tariffs may be assessed on the goods of the particular country (hereinafter referred to as "provisional emergency tariffs on the goods of a particular country") for up to 200 days to the extent necessary to relieve or prevent such injury before the investigation is completed.
(6) Where the goods of a particular country are determined not to disrupt the domestic market as a result of conducting an investigation to determine whether the emergency tariffs are assessed on the goods of the particular country, the provisional emergency tariffs on the goods of the particular country which are paid in accordance with paragraph (5) shall be refunded.
(7) Where member countries of the World Trade Organization discontinue taking measures against the goods of a particular country which cause Korea to assess the emergency tariffs on the goods of the particular country pursuant to paragraph (1) 2, the assessment of the emergency tariffs on the goods of the particular country shall be suspended within 30 days from the date of such discontinuation.
(8) Articles 65 (2), (4) and (7), 66 (2) and 67 shall apply mutatis mutandis to the assessment of the emergency tariffs on the goods of a particular country or the provisional emergency tariffs on the goods of a particular country.[This Article Wholly Amended on Dec. 30, 2010]