Canada-South Korea trade deal would remove duties for Canadian oil, LNG exports

16 Jun 2014   Canada, South Korea

A proposed free trade agreement between Canada and South Korea would remove the current 3% to 8% tariff that Canadian oil and gas producers have to pay for exports into that Asian nation, a Canadian government spokeswoman said Monday. Claude Rochon, a spokeswoman with Foreign Affairs and International Trade Canada, said crude oil and LNG exports — with current duties of 3% — would become “duty-free immediately” upon implementation of the FTA. A duty of up to 8% imposed by the South Korean government on imports of Canadian refined products would be removed in stages, she said, noting 96% would be “free” right away with the FTA coming into effect and the remaining 4% over the next five years. Canada is not known to export large volumes of crude oil to South Korea, but Rochon said the deal would significantly improve market access for the Canadian oil and gas […]

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