India, South Korea discuss upgrading of existing trade pact; promoting investments
The Hindu
India and South Korea discuss upgrading free trade agreement, balancing commerce, and promoting investments, strengthening economic ties.
India and South Korea on Saturday (September 21, 2024) held discussions on upgrading the existing free trade agreement, balancing two-way commerce and promoting investments between the two countries.
The issues were discussed during a meeting between Commerce and Industry Minister Piyush Goyal and his South Korean counterpart Inkyo Cheong at Vientiane, Laos.
"Deliberations were held on achieving more balanced trade, upgrading the India-Korea Comprehensive Economic Partnership Agreement (CEPA), promoting investments linked to job creation and addressing non-tariff barriers to further strengthen our economic ties," Mr. Goyal said in a post on social media platform X.
The two countries are holding review meetings to upgrade the CEPA, which was operationalised in January 2010. So far, more than 10 rounds of review talks have been held.
The two countries have sought greater market access for certain products that are under the negative list of the agreement. No customs duty concessions are granted for the goods under this list.
Department of Commerce had earlier engaged with different Ministries, including Heavy Industries, Steel and Chemicals, to prepare the offer list.
India has sought greater market access for certain products such as steel, rice, and shrimp from South Korea to boost exports of these goods. India has flagged issues over Korean firms not buying Indian steel.
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