Ottawa, June 3 -- South Korea plans to significantly increase imports of Canadian crude oil in the coming years and will facilitate preferential tariff treatment for those imports under the Canada-Korea Free Trade Agreement.

The commitment emerged from a meeting between Canada's Energy and Natural Resources Minister Tim Hodgson and South Korean presidential Chief of Staff and Special Envoy for Strategic Economic Cooperation Kang Hoon-Sik on Tuesday.

South Korea has also agreed to facilitate the application of preferential tariff treatment for Canadian crude imports under the Canada-Korea Free Trade Agreement, a move expected to improve market access for Canadian energy producers.

The crude oil announcement comes as Canada and South Kor...