(1) With respect to goods prescribed by Presidential Decree (hereafter in this Article referred to as "goods subject to preferential tariff") among goods from developing countries prescribed by Presidential Decree (hereafter referred to as "countries subject to preferential tariff" in this Article), customs duties may be assessed on such goods at a rate lower than the basic tariff rate (hereafter referred to as "general preferential tariff" in this Sub-Section).
(2) In the assessment of a general preferential tariff, the tariff rate applied to goods subject to preferential tariff may be differentiated or the volume of such goods may be limited in consideration of the impact, etc. of the import of such goods on the domestic industry.
(3) With respect to goods from developing countries prescribed by Presidential Decree among developing countries designated as the poorest developing countries in accordance with a resolution of the United Nations General Assembly, the general preferential tariff may be assessed, giving priority to the poorest developing countries over other developing countries subject to preferential tariff.
(4) Tariff rates, the application period thereof, and other necessary matters applicable to goods subject to preferential tariff shall be prescribed by Presidential Decree.[This Article Wholly Amended on Dec. 30, 2010]