7th round of India – South Korea CEPA negotiations held
Why in News?
- The 7th round of India – South Korea Comprehensive Economic Partnership Agreement (CEPA) negotiations was held in South Korea.
- The discussions were positive, and subject to Indian sugar industry meeting the quality standards and specifications prescribed by the South Korean Government.
- South Korea imports around 15 lac tons of raw sugar annually and the Indian sugar industry is making efforts to export raw sugar from India during 2018-19 sugar seasons.
- India and South Korea will reduce duties on 11 tariff lines in a bid to expand bilateral trade by updating their existing free-trade agreement, called the Comprehensive Economic Partnership Agreement (CEPA).
- In 2017-18, India exported goods worth $4.4 billion to South Korea while imports from the latter were worth $16.3 billion.
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