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India signs CEPA with Korea
07 Aug '09
2 min read
India on August 07, 2009 signed a Comprehensive Economic Partnership Agreement (CEPA) with Republic of Korea. The Agreement on behalf of Government of India was signed by Shri Anand Sharma, Commerce and Industry Minister, in Seoul. Mr. Kim Jong-hoon, Korean Trade Minister signed the Agreement on behalf of Republic of Korea.
This is India's second comprehensive deal with any country, first being with Singapore in 2005. This is also India's first Free Trade Agreement with an OECD country. CEPA is more than Free Trade Agreement as it covers not only Trade in Goods but also Investments, Services and Bilateral Cooperation in other areas of common interest.
Under the CEPA Agreement, tariffs will be reduced or eliminated on 93% of Korea's tariff lines and 85% of India's tariff lines. It will facilitate Trade in Services through additional commitments made by both countries to ease movement of Independent Professional and Contractual Service Suppliers. Both countries have committed to provide national treatment and protect each other's investments to give a boost to bilateral investments in all sectors except these specifically exempted from it.
The CEPA will come into force after it is ratified by the Korean National Assembly and the notifications to bring it into effect are made by the two countries.
This is India's second comprehensive deal with any country, first being with Singapore in 2005. This is also India's first Free Trade Agreement with an OECD country. CEPA is more than Free Trade Agreement as it covers not only Trade in Goods but also Investments, Services and Bilateral Cooperation in other areas of common interest.
Under the CEPA Agreement, tariffs will be reduced or eliminated on 93% of Korea's tariff lines and 85% of India's tariff lines. It will facilitate Trade in Services through additional commitments made by both countries to ease movement of Independent Professional and Contractual Service Suppliers. Both countries have committed to provide national treatment and protect each other's investments to give a boost to bilateral investments in all sectors except these specifically exempted from it.
The CEPA will come into force after it is ratified by the Korean National Assembly and the notifications to bring it into effect are made by the two countries.
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