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Cabinet approves CEPA with South Korea

03
Jul '09
The Cabinet approved the signing of a Comprehensive Economic Partnership Agreement (CEPA) with South Korea. India-Korea CEPA comprises of six Agreements viz. Agreement on Trade in goods; Rules of Origin and Origin Procedures; Trade Facilitation and Customs Cooperation; Trade in Services including Specific Commitments; Investment and Dispute Settlement. India-Korea CEPA also contains chapters on “Competition” and IPR.

Trade in Goods : Korea have put additionally 60% of tariff lines, under immediate tariff liberalization for India. Most of the items are of India's export interest to Korea. This way India is going to benefit most from the tariff negotiation. Due care has been taken to protect the interest of agricultural and textile sectors.

India's exclusion and sensitive list contain mostly agricultural, textiles and auto-sectors items. No product has been offered for complete elimination of duty in this sector. The textiles and automobile sectors have been given sufficient protection and 90% of the auto items have been kept in the exclusion and sensitive list.

Services: India has been able to obtain substantial commitments over the Revised Offer tabled by Korea at WTO(WTO plus).A whole range of services have been opened for India. Limitations have been removed in Architectural, financial and Audio-visual services. Korea also offered commitments under Mode 4 in independent professionals, which it has not offered in any other bilateral agreement or at the WTO.

Investment: Salient provisions of the Investment chapter include market access for industries; national treatment; repatriation; safeguards against expropriation; investment protection; and settlement of disputes. Benefit of the Chapter is to be extended only to enterprises established under the law of the State and having substantial operations in that territory.

Press Information Bureau


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