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The settlement was operationalised in January 2010. The tenth spherical of upgradation talks are underway right here.
“We’re asking for better market entry for merchandise corresponding to metal, rice and shrimp,” the official mentioned.
Within the assembly, India has flagged points over Korean companies not shopping for Indian metal.
“Korean companies in India additionally place orders from their native companies in Korea, so this can be a double whammy for Indian corporations. The Korean aspect has requested for a rise in worth competitiveness right here,” the official added.
On rice, there’s a tariff charge quota of 5 lakh tonnes in Korea. Below this, they’ve given a quota of 4.8 lakh tonnes to 5 international locations — China, Australia, the US, Thailand and Vietnam — and the remainder of the international locations have a quota of solely 20,000 tonnes. “India is within the others class. So we’re demanding both to place India within the nation’s particular class or enhance our quota. South Korea has an import responsibility of 513 per cent on rice,” the official mentioned, including on shrimp, there may be an import responsibility of 5 per cent. Alternatively, Korea needs better entry in sectors corresponding to auto elements and chemical substances.
The ninth spherical of India-Korea CEPA upgradation negotiation was held in Seoul from November 3-4, 2022.
Each side shared the hope that the CEPA upgradation negotiations would play an necessary position in strengthening and deepening financial cooperation between each international locations.
India raised critical issues on the rising commerce deficit between the 2 international locations. India’s exports to that county stood at USD 6.65 billion in 2022-23 as in opposition to USD 8 billion in 2021-22. The imports, nonetheless, have been USD 21.22 billion in 2022-23 and USD 17.5 billion in 2021-22.
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