India Has Signed Comprehensive Economic Partnership Agreement With

The Comprehensive Economic Partnership Agreement (CEPA) is a free trade agreement between India and South Korea. [2] The agreement was signed on August 7, 2009. [3] The signing ceremony took place in Seoul and the agreement was signed by Indian Trade Minister Anand Sharma and South Korean Trade Minister Kim Jong Hoon. [4] The negotiations lasted three and a half years and the first meeting took place in February 2006. The agreement was adopted by the South Korean Parliament on 6 November 2009. [5] It was passed next week by the Indian Parliament. [2] After its adoption, the agreement came into force sixty days later, on 1 January 2010. [6] This is a free trade agreement. [2] The agreement will allow the Indian service industry in South Korea to have better access. Services include information technology, engineering, finance and the legal sector. [7] In South Korea, tariffs are reduced to less than 1%. [8] All this time, Korean companies have flooded India with cheaper imports of raw metals, steel and finished products.

The agreement for South Korea added to a large list of bilateral and multilateral free trade agreements established under Korean President Roh Moo-hyun. [3] With regard to India, the negotiations coincided with the Look East initiative of then-Indian Prime Minister Manmohan Singh, which promised greater regional integration between India and East Asian markets. If CitEc has recognized a reference but has not linked an element of RePEc to it, you can use this form to help you. If you have written this article and are not yet registered with RePEc, we advise you to do so here. This way, you can link your profile to this item. It also allows you to accept possible quotes on this article of which we are not sure. The agreement will ease restrictions on foreign direct investment. Companies can own up to 65% of a business in another country.

[8] Both countries have avoided problems in agriculture, fisheries and mining and are deciding not to reduce tariffs in these areas. This is due to the high sensitivity of these sectors in the countries concerned. [9] In 2008, trade between India and South Korea amounted to $15.6 billion. This is a significant increase from 2002, when total trade was $2.6 billion. [3] The Korea Institute for International Economic Policy estimates that the agreement will increase trade between the two countries by $3.3 billion. [2] In January 2005, the two sides formed a joint task force to assess the viability of a free trade agreement between the two countries. Over the next four years, the Joint Study Group reviewed existing trade between the two countries worth $7.1 billion and negotiated an agreement that respected the weaknesses and economic strengths of the two countries` markets. Rahul Khullar, India`s trade minister and member of the Joint Study Group, says such cooperation took place during discussions on the agricultural sector, which is particularly weak in South Korea but thrives in India.

[10] After 12 rounds of negotiations between January 2005 and September 25, 2008, the Committee closed the discussion and entered a phase of legal review by both governments. [11] The law was passed by the Indian Parliament on 2 July 2009 and by the South Korean Parliament on 6 November 2009. [11] (Indian Institute of Foreign Trade, New Delhi, India) If you know the missing articles that cite them, you can help us create those links by adding the corresponding references in the same way as above, for each reference article.

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