Commerce min engaging with different departments on India, Korea FTA upgrade talks: Official
trade agreement (FTA) moving forward between India and Korea, the department of commerce is engaging with different ministries, including heavy industries, steel, and chemicals, to prepare the offer list, an official said. Preparation of the list is part of the negotiations, which are underway, for the upgrade of the existing FTA between the two countries, dubbed as comprehensive economic partnership agreement (CEPA).
The agreement was operationalised in January 2010. So far, 10 rounds of talks have been concluded.
The official said both sides have exchanged the request list and «are working on the offer list» and for that the commerce ministry is holding discussions with different ministries, including steel, heavy industries, textiles, chemicals and petrochemicals.
India has sought greater market access for certain products such as steel, rice, and shrimp from South Korea with a view to boost exports of these goods, the official added.
India has flagged issues over Korean firms not buying Indian steel.
The exercise assumes significance as both sides have shared the hope that the CEPA upgradation negotiations would play an important role in strengthening and deepening economic cooperation between both countries.
In such agreements, two or more countries either significantly reduce or eliminate customs duties on the maximum number of goods added between and ease norms to promote trade in services and boost investments.
Both sides review the agreement at a mutually agreed time period.
In general, such review
