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Korea's customs agency said Tuesday it has simplified regulations to allow U.S. crude routed through third countries to remain eligible for benefits under the bilateral FTA, in line with efforts to stabilize the supply amid tensions in the Middle East.
The Korea Customs Service said the new rule took effect the same day it was announced.
Previously, if crude oil was imported and additionally shipped through a third country, such as Mexico, it was not immediately eligible for preferential treatment under the FTA.
"We decided to proactively ease complicated procedures, under which importers were required to submit documents from transit countries to qualify for FTA benefits," the customs agency said.
The customs agency added that it is consulting with Malaysian authorities to speed up the issuance of certificates of origin, which currently take around six months, to facilitate crude imports from the Southeast Asian nation.
Source: KoreaJoongAngDaily
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