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India South Korea Free Trade Agreement

[37] Dr. V. K. Saraswat et al. “A note on free trade agreements and their costs” NITI Aayog. Korea has free trade agreements with ASEAN, Australia, Canada, Central America (in part), Chile, China, Colombia, India, New Zealand, Peru, Singapore, the European Union and the European Free Trade Association (Norway, Switzerland, Iceland and Liechtenstein), the United States, Turkey and Vietnam. The full list of Korean free trade agreements is available on the website of the Korean Ministry of Foreign Affairs (www.fta.go.kr/main/situation/kfta/ov/). For more information on the EU-Korea Free Trade Agreement, please visit the European Union`s website in ec.europa.eu/trade/creating-opportunities/bilateral-relations/countries/korea/. The agreement will ease restrictions on foreign direct investment. Companies can own up to 65% of a company in the other country. [8] Both countries avoided problems of agriculture, fishing and mining and decided not to reduce tariffs in these areas. This is due to the very sensitive nature of these sectors in the countries concerned. [9] In 2008, trade between India and South Korea amounted to $15.6 billion.

This is a significant increase from 2002, when total trade was $2.6 billion. [3] The Korea Institute for International Economic Policy estimates that the agreement will increase trade between the two countries by $3.3 billion. [2] [7]Subhayan Chakraborty “Any agreement on RCEP deal to be based on national interests” Business Standard, September 12, 2019. India`s Economic Partnership Agreement (CEPA) with Japan entered into force in 2011. The agreement provided for a reduction in tariffs on 90% of the goods traded between the two countries. Given its growing trade deficit with Japan, India may also need to offset other sectors such as investment. Finally, India was seen as one of the main investment targets for Japanese companies. [15] Overall, India`s current share of Japan`s total foreign direct investment remains low.

Total investment from Japan between 2000 and June 2019 amounted to about $32 billion (Japan ranks third among major investors in India). 16]) Japanese foreign direct investment in India was mainly active in the automotive, electrical equipment, telecommunications, chemical, finance (insurance) and pharmaceutical sectors. In 2014, India launched a Japan Plus program, under which Japan offered to invest 3.5 trillion yen ($33.5 billion) over the next five years through public and private investment and financing in India. [17] It would be beyond the scope of this mandate to investigate these investments, but it is argued that India should address the main obstacles faced by Japanese investors. . . .