South Korea’s customs agency and the government of Alberta said on Monday they had agreed to simplify origin documentation for Alberta crude oil to allow Korean importers to claim tariff benefits under the Korea-Canada free trade agreement (FTA) and lower the cost of bringing in Canadian barrels. The Korea Customs Service said the arrangement, announced in Edmonton, would allow Alberta crude to qualify more easily for the FTA’s zero-tariff rate, from 3%, at a time when Seoul is seeking to ease pressure on energy imports amid supply disruptions linked to tensions in the Middle East.
The agreement addresses a long-running