India, S Korea agree on 80% tariff lines
IRIS (10 April 2007)
India, S Korea agree on 80% tariff lines
India and South Korea have concluded the sixth round of negotiations on the proposed free trade agreement. In the previous rounds of negotiations, both the countries had decided to open up 75% to 80% of the tariff lines for duty cuts and preferential treatment, reports Business Standard.
The present round was crucial because Indian and Korean negotiators discussed the wish list of items to be traded as per the proposed free trade agreement.
Negotiations between India and South Korea started in 2005, and are likely to be concluded by the end of 2007. South Koreas interests in the Indian market are on products related to auto components, synthetic resin, as well as cellphones, while major exports from India to Korea include items like oil seed, iron ore and cereals.
Indian exports to South Korea in 2005-06 stood at USD 1.81 billion, an increase of 74.6% over the previous years figure of USD 1.04 billion. South Korean imports to India in 2006-06 stood at USD 4.34 billion, which is a rise of 23.79% over USD 3.5 billion in 2004-05.
Meanwhile, the second round of talks between India and Japan on the proposed comprehensive economic partnership agreement also started in Tokyo today.
The first round saw the formation of working groups on trade in goods, trade in services, investment and bilateral cooperation, between the two countries took place in Delhi this February.
Major Indian exports to Japan include gems and jewellery, iron ore, and marine products, while major imports from Japan include machinery, electronic goods, iron and steel. India`s exports to Japan in 2005-06 were valued at USD 2.4 billion, while imports stood at USD 3.5 billion.
