Cepa Agreement Korea

14. September 2021 Aus Von ROCT

In January 2005, the two sides established a joint task force to assess the feasibility of a free trade agreement between the two nations. Over the next four years, Joint Study Group reviewed the $7.1 billion in trade between the two nations 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 is booming in India. [10] Several estimates show that the share of RCEP in global GDP could reach 50% by 2050. Fears that India would be ruled out if it decided not to join the group has worried Indian politicians. But given the economic power of China and other economies, it may have been very difficult for India to get a significant share of this RCEP pie. Instead, the country can make realistic attempts to seize opportunities through bilateral trade negotiations and agreements – where Indian concerns can be clearly expressed and expressed. The CEPA between South Korea and India offers such a platform. 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] Negotiations lasted three and a half years and the first meeting took place in February 2006.

The agreement was concluded on 6 Adopted by the South Korean Parliament on 27 November 2009. [5] It was passed next week by the Indian parliament. [2] After its adoption, the agreement entered into force sixty days later, on 1 January 2010. [6] It is consistent with a free trade agreement. [2] The agreement will allow better access to India`s services sector in South Korea. Services include information technology, engineering, finance and legal. [7] South Korean automakers will suffer significant tariff reductions of less than 1%. [8] Meanwhile, Korean groups flooded India with cheaper imports of raw metals, steel and finished products. [8] Advance offers generally prefigure the Final Free Trade Agreement; These are first and foremost confidence-building measures. The agreement was signed at a time when India seemed interested in dropping its „protectionist“ label in the face of the impasse in the Doha Round of negotiations within the World Trade Organization (WTO). India then experienced for about five years a period of growth unprecedented in its history.

This economic growth has attracted potential partners and has also led India to pursue an ambitious trade policy with regard to engagement in bilateral trade and investment agreements. At this point, India has engaged, among others, with the Association of Southeast Asian Nations (ASEAN) and the South Asian Free Trade Area (SAFTA), as well as with countries such as Singapore, South Korea and Sri Lanka. [1] India is a large market that holds one-seventh of the world`s population and has the 10th highest nominal GDP in the world (2010 level, IMF). The signing of CEPA* with India is expected to lay the foundation for the vitalization of trade, investment and the exchange of human resources with a gigantic emerging economy. . . .