SEOUL, April 3 (Bernama-Yonhap) -- South Korea will exempt additional shipping costs from tariffs on imports rerouted due to the closure of the Strait of Hormuz, Yonhap news agency reported the finance ministry said Friday.
The measure is part of a broader set of regulatory improvements aimed at easing supply chain disruptions as the key West Asian shipping route has effectively been closed since US-Israeli strikes on Iran in late February.
Under the plan, domestic companies using alternative routes or transport methods to bypass the Strait of Hormuz will be allowed to exclude the increase in freight costs from tariffs, the Finance and Economy Ministry said.
-- BERNAMA-YONHAP
