Key Points
New Delhi: With talks to upgrade the existing free trade agreement (FTA) moving forward between India and Korea, the department of commerce is engaging with different ministries, including heavy industries, steel, and chemicals, to prepare the offer list, an official said..
The average exports from India to South Korea before the CEPA (2007-09) were valued at USD 3.4 billion, while the average imports stood at USD 7.3 billion, leading to an average trade deficit of USD 4 billion...
Post-CEPA (2022-24), the average exports increased to USD 7.1 billion, and imports surged to USD 19.9 billion, resulting in a much larger average trade deficit of USD 12.8 billion, the GTRI report said, adding this indicates an increase in the trade deficit by USD 7.2 billion from the pre-CEPA period to the post-CEPA period, marking a 220 per cent increase.. Besides, it said Indian exporters are facing various non-tariff barriers in South Korea, including stringent standards, regulations, and certification requirements and these barriers make it difficult for Indian goods to penetrate the South Korean market...
Indian businesses seek more favourable terms to compete effectively in these sectors," GTRI Founder Ajay Srivastava said.. There are concerns regarding the rules of origin provisions under the CEPA, which determine the eligibility of products for preferential tariffs, he said, adding that India aims to ensure that these rules are not overly restrictive and that they facilitate trade rather than hinder it...
"Addressing these issues is crucial for India to achieve a more equitable and mutually beneficial trade relationship with South Korea under the CEPA framework," Srivastava said..
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