FTA with South Korea likely next week

Written by Press Trust of India | New Delhi | Updated: Jun 30 2009, 05:20am hrs
The government is likely to approve a free-trade agreement with South Korea next week, aimed at opening markets of both the countries to each other. The Comprehensive Economic Partnership Agreement (CEPA) between the countries would break duty barriers that would enable over 10 billion dollars in bilateral trade. Over 90% of the items under trade would be covered in the agreement, which is likely to come into operation later this year, an official said, adding that the agreement might come up for consideration next week. With the implementation of CEPA, people of the two countries would be able to import bulk of goods without paying any duty. During a recent visit to India, South Korean minister for foreign affairs and trade Yu Myung-hwan had discussed CEPA with commerce and industry minister Anand Sharma.