The auction of import quotas for used cars at low tariffs under a free trade deal has been canceled after it failed to attract interest.
Under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a certain number of used cars can be imported annually, and the Ministry of Industry and Trade auctions the right to import them.
This year, the quota was for 72 vehicles, and the deadline for bidding was March 31, but no bids were received for them.
The auction was first held last year, and two importers won the quota for 66 cars.
According to a car dealership, enterprises are not interested in bidding since they have to comply with stringent import regulations.
“Car dealerships prefer buying cars that are manufactured locally since the procedures are a lot less complicated.”
The annual quota will increase to 150 by 2034. The ministry said the auction would continue to be held next year.