South Korea and China announced that the free trade agreement to be reached between the two sides will take 15 years to eliminate China's imports of Korean base oil and lubricants tariffs. According to the trade agreement, China will eventually cancel the existing 6% tariff on imported Korean base oil, lubricants and grease. Import tariffs will be gradually reduced by the same amount within 15 years from the implementation of the free trade agreement until the final cancellation.
China and the United States are the two largest lubricant markets in the world, and South Korea is one of China's largest base oil suppliers. With the phasing out of tariffs, industry experts predict that South Korea will surpass Singapore as China's largest base oil supplier.
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