India To Push For Duty Reductions And Market Access In CEPA Review With South Korea

ENA Global 2024-07-19 15:10:38 New Delhi, Jul 19 (KNN) In a significant development, India and South Korea have begun a review of their Comprehensive Economic Partnership Agreement (CEPA), seeking to enhance bilateral trade relations. The negotiations, which commenced on July 17 in Seoul, mark the first review of the agreement since its implementation in 2010, reported Mint. Indian officials, led by Additional Secretary Anant Swarup from the Commerce Ministry, are pushing for substantial duty reductions across a wide range of export sectors. Key areas of focus include agricultural products, textiles and apparel, pharmaceuticals, electronics, and petrochemicals. The Indian delegation is also advocating for improved market access for specific products such as steel, rice, and shrimp. Currently, Indian exporters face various non-tariff barriers in South Korea, including stringent standards, regulations, and certification requirements, which hinder market penetration. One particular point of contention is South Korea's rice import quota system. Of the 500,000-tonne quota, 480,000 tonnes are allocated to five specific countries, leaving India in the 'others' category with limited access. Indian negotiators are seeking either inclusion in the country-specific category or an increase in the quota for other nations. The review also highlights disparities in tariff structures. For instance, South Korea imposes a 513 per cent import duty on rice and a 5 per cent duty on shrimp. Additionally, Indian agricultural produce, vegetables, and spices face higher tariffs and strict sanitary and phytosanitary standards. On the other hand, South Korean officials are reportedly seeking improved mobility access for their professionals in India. This request comes as part of their agenda in the ongoing negotiations. The CEPA, originally signed in 2009 after three years of negotiations, aims to facilitate trade and increase economic exchange between the two nations. This review process, scheduled from July 17 to 19, provides an opportunity for both countries to address existing trade imbalances and explore new avenues for economic cooperation. As the talks progress, both sides are expected to navigate complex issues surrounding market access, tariff structures, and non-tariff barriers. The outcome of these negotiations could significantly impact the future of India-South Korea trade relations. (KNN Bureau) 38654 https://knnindia.co.in/news/newsdetails/global/india-to-push-for-duty-reductions-and-market-access-in-cepa-review-with-south-korea 2024-07-19 15:10:38 knnindia.co.in India To Push For Duty Reductions And Market Access In CEPA Review With South Korea