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| TITLE |
South Korea inks trade deal with India to cut tariff |
| WRITER |
administrator |
DATE |
2009-08-10 11:15:38 |
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South Korea inks trade deal with India to cut tariff
10 Aug 2009
Bloomberg reported that South Korea and India signed a trade deal that will cut or eliminate tariffs, giving companies such as Hyundai Motor Co and LG Electronics Inc better access to India.
The agreement covering import duties on 85% of South Korean goods was signed by Indian commerce minister Mr Anand Sharma and his South Korean counterpart Mr Kim Jong Hoon at a ceremony in Seoul.
South Korea's trade ministry said that the pact to phase out the duties on products including auto parts and electronics over the next decade may begin taking effect in January.
According to International Monetary Fund data, India's USD 1.2 trillion economy may this year expand at the fastest pace in Asia after China. Singapore's exports to India excluding oil products more than doubled in the two years after they signed a similar accord in 2005, turning the city state's deficit to a surplus.
Mr NR Bhanumurthy, an economist at the Institute of Economic Growth in New Delhi, said that "The pact will be beneficial for both the countries as it will further open the markets and give an opportunity to companies to benefit. Such economic engagements will help strengthen both the economies in the long term."
Other South Korean goods covered include marine tankers, machinery parts and synthetic rubber. The deal involves about 90% of Indian exports, including polycarbonates, leather, industrial diamonds, gasoline and corn for livestock.
Top 10 exports in 2008 from South Korea to India
1. Automobile parts - 1,131
2. Jet fuel - 769
3. Wireless phones - 499
4. Tankers (ships) - 430
5. Fixed phones (with wires) - 248
6. Hot rolled steel - 208
7. Paper - 172
8. Cold rolled steel - 165
9. Household electronic goods - 150
10. Cargo ships - 133
(Value in USD million)
Top 10 exports in 2008 from India to South Korea
1. Naphtha - 3,889
2. Ferrochrome steel - 201
3. Soy/vegetable oil - 173
4. Non alloy steel - 124
5. Rape seed oil - 119
6. Cotton thread - 98
7. Butadiene - 91
8. Corn as feed for livestock - 76
9. Sesame seeds - 57
10. Alloy steel - 57
(Value in USD million)
Resourced from Bloomberg |
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