(1) Where the Minister of Economy and Finance deems it inappropriate to assess a general preferential tariff on any goods subject to preferential tariff as the increased import of particular goods subject to preferential tariff causes or causes a risk of serious injury to the domestic industry that produces the same kind of goods or goods under direct competition, he or she may designate the relevant goods and their countries of origin, and suspend the application of a general preferential tariff to such imported goods, as prescribed by Presidential Decree.
(2) Where the Minister of Economy and Finance deems that the assessment of a general preferential tariff is inappropriate considering the income level, the weight of the amount of goods imported from a country subject to preferential tariff in the total amount of goods imported by Korea and the extent of the international competitiveness of particular goods subject to preferential tariff exported by a particular country subject to preferential tariff and other circumstances, he or she may designate the relevant countries and goods, and exclude them from the application of a general preferential tariff, as prescribed by Presidential Decree.[This Article Wholly Amended on Dec. 30, 2010]