S. Korea, Malaysia reduce certificate processing time for condensate imports
SEOUL, Aug. 25 (Yonhap) -- South Korea's customs agency said Tuesday it coordina...
South Korea and Malaysia have collaborated to expedite the processing of free trade agreement (FTA) certificates of origin for condensate imports, reducing the time needed from 184 days to 45 days. The Korea Customs Service (KCS) explained that this reduction was primarily due to a complex transaction structure involving South Korean importers, Singaporean brokers, and Malaysian exporters, which resulted in significant delays and financial hardships for South Korean importers.
The KCS held 15 consultations with Malaysia's Ministry of Investment, Trade, and Industry to address this issue. Improved processing times will enhance South Korean importers' financial liquidity and enable them to diversify their supply sources beyond the Middle East, addressing concerns over crude oil supply stability and potential disruptions in the Strait of Hormuz.
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