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Fta Agreement Between India And Korea

On 9. April 2021, in Allgemein, by Norman

The agreement for South Korea added to a large list of bilateral and multilateral free trade agreements established under Korean President Roh Moo-hyun. [3] With regard to India, the negotiations coincided with the Look East initiative of then-Indian Prime Minister Manmohan Singh, which promised greater regional integration between India and East Asian markets. The Comprehensive Economic Partnership Agreement (CEPA) is a free trade agreement between India and South Korea. [2] The agreement was signed on August 7, 2009. [3] The signing ceremony took place in Seoul and the agreement was signed by Indian Trade Minister Anand Sharma and South Korean Trade Minister Kim Jong Hoon. [4] The negotiations lasted three and a half years and the first meeting took place in February 2006. The agreement was adopted by the South Korean Parliament on 6 November 2009. [5] It was passed next week by the Indian Parliament. [2] After its adoption, the agreement came into force sixty days later, on 1 January 2010. [6] This is a free trade agreement. [2] The agreement will allow the Indian service industry in South Korea to have better access. Services include information technology, engineering, finance and the legal sector. [7] In South Korea, tariffs are reduced to less than 1%.

[8] All this time, Korean companies have flooded India with cheaper imports of raw metals, steel and finished products. After 12 rounds of negotiations between January 2005 and September 25, 2008, the Committee closed the discussion and entered a phase of legal review by both governments. [11] The law was passed by the Indian Parliament on 2 July 2009 and by the South Korean Parliament on 6 November 2009. [11] India is a large market, with one-seventh of the world`s population and the tenth highest nominal pib in the world (2010 IMF situation). The signing of the CEPA with India should lay the groundwork for a revival of trade, investment and personnel exchanges with an emerging economy. Comprehensive Economic Partnership Agreement (CEPA) is a term used to highlight the agreement, which encompasses various economic sectors, including trade in goods and services, investment and economic cooperation. In practice, it has the same nature as the free trade agreement. In January 2005, the two sides formed a joint task force to assess the feasibility of a free trade agreement between the two countries. Over the next four years, the Joint Study Group reviewed existing trade between the two countries worth $7.1 billion and negotiated an agreement that respected the weaknesses and economic strengths of the two countries` markets.

Rahul Khullar, India`s trade minister and member of the Joint Study Group, says such cooperation took place during discussions on the agricultural sector, which is particularly weak in South Korea but thrives in India. [10] The agreement will ease restrictions on foreign direct investment. Companies can own up to 65% of a business in another country. [8] Both countries have avoided problems in agriculture, fisheries and mining and are deciding not to reduce tariffs in these areas. This is due to the high sensitivity of these sectors in the countries concerned. [9] In 2008, trade between India and South Korea amounted to $15.6 billion. This is a significant increase from 2002, when total trade was $2.6 billion. [3] The Korea Institute for International Economic Policy estimates that the agreement will increase trade between the two countries by $3.3 billion. [2] . The above information is provided by the Korea International Trade Association.

The above information is provided only as a reference for users and we are not legally responsible for the substantive errors or consequences of the use of the information. Please use the above information only for reference purposes and confirm final information with national law or management authorities. Korea-Chile FTAKorea-Singapor FTAKorea-EFTA FTAKorea-ASEAN FTAKorea-India FTAKorea-EU FTAKorea-Peru FTAKorea-Turkey FTAKorea-Canada FTAKorea-Australia FTAKorea-New Zealand FTAKorea-Viet

 

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