Korea will open up its market to foreign rice with heavy tariffs, the government said last week.

According to the Agriculture Ministry, the liberalization will start in earnest from January 2015.

The country will levy heavy tariffs on imported rice to protect local farmers, and the tariff rates will be the highest possible, the ministry said.

Nevertheless, there will be no turbulent price changes in the Korean rice market as the government will take relevant measures, the ministry added.

By Ro Ji-woong (jamesro@heraldcorp.com)