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Free Trade Agreement India Korea

// Author: James // 0 Comments

While it is not known to what extent the Chinese factor played a role in India`s latest decision, it highlights the issue of the trade deficit that India faces with the majority of countries with which it has trade relations. India`s experience in most of its existing trade agreements is that its trade deficits with its partners are worsening, even though trade relations are improving overall. Following its withdrawal, India plans to take steps to review its existing free trade agreements,[8] focusing on measures to reduce its trade deficits. What can help bridge the gap is the promotion of investment on both sides. The Australian report mentions an ambitious investment target of more than $100 billion; Currently, Australia`s investment in India is estimated at $14 billion. Indian investment in Australia has recently been met with environmental problems. For example, over the past nine years, massive protests have taken place against the Carmicheal coal mines over the fear that this could cause serious damage to the Great Barrier Reef. [28] In addition, the Australian government has overturned previous decisions by imposing stricter environmental conditions. For example, the authorization to invest in the Carmicheal mines indicates that the plan has been subject to a rigorous scientific study and approval process. [29] However, approval of Adani`s groundwater body has been criticized by environmental groups considering legal action. [30] A more formal agreement between the two governments on the rationalization of environmental standards would help facilitate future investment.

The Comprehensive Economic Partnership Agreement (CEPA) is a free trade agreement between India and South Korea. [2] The agreement was signed on August 7, 2009. [3] The signing ceremony took place in Seoul and the agreement was signed by Indian Trade Minister Anand Sharma and South Korean Trade Minister Kim Jong Hoon. [4] The negotiations lasted three and a half years and the first meeting took place in February 2006. The agreement was adopted by the South Korean Parliament on 6 November 2009. [5] It was passed next week by the Indian Parliament. [2] After its adoption, the agreement came into force sixty days later, on 1 January 2010. [6] This is a free trade agreement.

[2] The agreement will allow the Indian service industry in South Korea to have better access. Services include information technology, engineering, finance and the legal sector. [7] In South Korea, tariffs are reduced to less than 1%. [8] All this time, Korean companies have flooded India with cheaper imports of raw metals, steel and finished products.

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