Next round of India-Korea FTA review meeting from July 17 in Seoul
Seoul, an official said. The agreement, dubbed as comprehensive economic partnership agreement (CEPA), was operationalised in January 2010. So far, 10 rounds of review talks have been concluded.
The Indian team «will visit Seoul from July 17-19» for the next round of review meetings, the official added.
«In the 11th round, both the sides would discuss the broad contours for closing the deal,» the official said, adding that Korea is keen to conclude the negotiations this year.
The two countries have sought greater market access for certain products, which are under the negative list of the agreement. No customs duty concessions are granted for the goods under this list.
The Department of Commerce has engaged with different ministries, including heavy industries, steel, and chemicals, to prepare the offer list.
India has sought greater market access for certain products like steel, rice, and shrimp from South Korea to boost exports of these goods. India has flagged issues over Korean firms not buying Indian steel.
The review 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 general, such review or upgrade exercises include implementation issues, rules of origin, verification process and release of consignments, customs procedures, further liberalisation of trade in goods, and sharing and exchange of trade data.
India has also raised concerns about the
