Int'l customs body classifies outdoor display modules as duty-free
An outdoor advertising display in the southern port city of Busan / Yonhap
The World Customs Organization (WCO) has decided to classify display modules for outdoor advertising, a key South Korean export item, as duty-free, the Seoul government said Wednesday.
The Brussels-based intergovernmental body determined that the modules should be classified under HS code 8524 rather than HS code 8528, according to the Ministry of Economy and Finance and the Korea Customs Service.
Products classified under HS 8528 face tariffs of about 5 percent in the United States and 14 percent in the European Union.
The ministry said the decision is expected to generate about 12 billion won ($8.09 million) in annual tariff savings for domestic exporters.
Countries had previously disagreed on how to classify the product, but the WCO adopted Seoul's position, officials added.