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India, South Korea agree on early reduction of tariffs on 11 items
Jul 12, 2018

India and South Korea have agreed to reduce tariffs on 11 items under an early harvest programme signed between the two sides as part of the on-going negotiations for upgrading the existing Comprehensive Economic Partnership Agreement (CEPA).
 
New Delhi, which is struggling against a growing trade deficit with Korea, managed to keep out certain sensitive items that Seoul had been pushing for such as automobiles, certain grades of steel and some categories of textiles, a government official told BusinessLine.
 
The South Koreans had offered to include 17 items in the early harvest programme. India, however, was not keen on some items on the list as early lowering of tariffs on the items could hurt the domestic industry. The two sides then settled on 11 items, the official explained.
 
Addressing a joint business council meeting on Monday, South Korean President Moon Jae-in, who is on a four-day official visit to India, expressed hope that the on-going negotiations for expansion of the bilateral CEPA are concluded soon and stressed that free trade pacts are in the best interest of both India and his country.
 
Right now, India and Korea are engaged in two negotiations — one on upgrading the CEPA and the other is the RCEP negotiation (with 14 other members including ASEAN and China). Expansion (of trade pacts) is in the best interest of people. We hope the negotiations can be concluded soon, Jae-in said at a meeting organised by industry body FICCI.
    

The Hindu Businessline

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