ENA Global 2024-07-02 16:20:45 <p><span style="font-size:14px"><strong>New Delhi, Jul 2 (KNN)</strong> India is pushing for broader tariff eliminations from South Korea in the ongoing negotiations to upgrade the Comprehensive Economic Partnership Agreement (CEPA) between the two nations.</span></p> <p><span style="font-size:14px">India's proposal includes tariff elimination on previously exempt items such as various meat and dairy products, fruits, fish, stones, yarn, and petroleum products.</span></p> <p><span style="font-size:14px">The country is also seeking to address non-tariff barriers, as Indian exporters face stringent standards, regulations, and certification requirements in South Korea.</span></p> <p><span style="font-size:14px">The Department of Commerce has requested industry feedback on SPS (Sanitary and Phytosanitary) and TBT (Technical Barriers to Trade) issues.</span></p> <p><span style="font-size:14px">The original CEPA, signed in 2009 and implemented in 2010, saw India offering tariff concessions on 83.8 per cent of tariff lines, while South Korea reciprocated with 93.2 per cent.</span></p> <p><span style="font-size:14px">However, the agreement has led to an uneven trade growth. In the pre-CEPA period (2007-09), the average trade deficit was USD 4 billion. This has ballooned to an average of USD 12.8 billion in the post-CEPA period (2022-24).</span></p> <p><span style="font-size:14px">The talks, scheduled for July 17-19, come as India grapples with a widening trade deficit that has surged by 220 per cent since the agreement's implementation in 2010.</span></p> <p><span style="font-size:14px">In the fiscal year 2023-24, India's imports from South Korea reached USD 21.13 billion, significantly outpacing its exports of USD 6.41 billion.</span></p> <p><span style="font-size:14px">The Department of Commerce is actively engaging with Indian industry stakeholders, seeking input on additional items for tariff reduction requests and potential deletions from the draft list.</span></p> <p><span style="font-size:14px">As negotiations progress, India aims to leverage this opportunity to create a more balanced trade relationship with South Korea, focusing on reducing barriers and expanding market access for Indian goods and services.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38446 https://knnindia.co.in/news/newsdetails/global/india-pushes-for-broader-tariff-eliminations-in-cepa-talks-with-south-korea 2024-07-02 16:20:45 knnindia.co.in