It is reported that South Korea and China recently announced that the free trade agreement to be reached between the two sides will eliminate tariffs on Chinese imports of Korean base oils and lubricants for 15 years. According to the trade agreement, China will eventually cancel the existing tariff of 6% on imports of Korean base oils, lubricants and greases. Import tariffs will be gradually reduced from the implementation of the free trade agreement within 15 years, until the final cancellation. China and the United States are the two largest lubricants markets in the world, and South Korea is one of the largest suppliers of base oil in China. With the gradual elimination of tariffs, industry experts predict that South Korea will overtake Singapore as China’s largest base oil supplier. Gasoline Snow Blower,Engine Snow Blower,Crawler Snow Thrower,Courtyard Gasoline Snow Blower Dtmade Manufacturing Co., LTD , https://www.dtmade.com
China-Korea Free Trade Agreement will gradually eliminate lubricant import tariffs