In accordance with a recently ratified free-trade agreement, Korea will reduce or even impose zero import tariffs on many Indian products from 1st of January 2010.
These measures will influence 11,054 products or most goods covered by Comprehensive Economic Partnership Agreements (CEPA), said the Ministry of Strategy and Finance.
CEPA is a kind of free-trade agreement which aims to facilitate trade without tariffs, under which both, India and Korea agreed to cut duties on around 85 percent of total goods that would be shipped in next eight years.
On the other hand, India will also lower the duties on Korean made cars, ships, diesel fuel and other products, said an official.
The bilateral trade deal allows implementation of special safeguard measures to both trade parties in order to protect businesses from sudden surges in imports when the duties will be reduced, said the official.
Fibre2fashion News Desk - India
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