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S. Korea, India to Work on Improving Comprehensive Economic Partnership Agreement
S. Korea-India FTA
S. Korea, India to Work on Improving Comprehensive Economic Partnership Agreement
  • By Jung Suk-yee
  • November 7, 2016, 01:30
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Joo Hyung-hwan, the Minister of Trade, Industry and Energy and his Indian counterpart Nirmala Sitharaman agreed to revise the Korea-India trade agreement at the CEPA ministerial-level meeting held in New Delhi, India on June 19 (local time).
Joo Hyung-hwan, the Minister of Trade, Industry and Energy and his Indian counterpart Nirmala Sitharaman agreed to revise the Korea-India trade agreement at the CEPA ministerial-level meeting held in New Delhi, India on June 19 (local time).

 

The Ministry of Trade, Industry & Energy announced on November 6 that the Indian and South Korean governments agreed to improve the Korea-India Comprehensive Economic Partnership Agreement (CEPA) before the end of next year.

“Since becoming effective in 2010, the Korea-India CEPA has been characterized by low tariff concession levels and strict rules of origin criteria, which have led to industries’ requests for improvement,” the ministry said, adding, “In this regard, we held a ministerial meeting with India in June this year and declared the initiation of negotiations for the same purpose.”

In the meantime, Minister of Trade, Industry & Energy Joo Hyung-hwan participated in the Regional Comprehensive Economic Partnership (RCEP) ministerial meeting on November 4 in Cebu, Philippines. There, he discussed the improvement of the Korea-India CEPA with Indian Minister of Commerce and Industry Nirmala Sitharaman.

“During the meeting, the minister also met with Singaporean Minister of Trade and Industry Lim Hng Kiang to discuss various issues such as mutual cooperation in the framework of the RCEP as well as the Trans-Pacific Partnership and Singapore’s schedule regarding the ratification of the Trans-Pacific Partnership early next year,” the ministry explained.