NEW DELHI: India and South Korea will jointly review their Free Trade Agreement (FTA) to boost trade and investment ties.
“We hope to do an intensive exercise so that it can be concluded in the favour of both the countries. It will require quite a few assessments of the benefits derived from both the countries under the existing CEPA,” Commerce and Industry Minister Nirmala Sitharaman said.
The FTA, officially called the Comprehensive Economic Partnership Agreement (CEPA), had come into effect in 2010.
The FTA review will involve, among other things, fresh negotiations on elimination/reduction of duties on various products.
Indian steel makers want steel products to be excluded from the scope of FTA as a surge in cheaper steel imports was hurting them.