Business

India Wants Greater Market Access From South Korea For Shrimp, Rice, And Steel

An official stated that India has sought greater access to markets from South Korea for certain products such as steel, rice, and shrimp to grow exports of these goods.

These are part of ongoing negotiations to upgrade the two countries’ existing free trade agreement, officially known as the Comprehensive Economic Partnership Agreement (CEPA).

The agreement became operational in January 2010. The tenth round of upgrading discussions is now underway.

“We are asking for greater market access for products such as steel, rice, and shrimp”, the official continued.

In the discussion, India raised concerns over Korean firms refusing to buy Indian steel.

“Korean corporations in India make orders from their Korean counterparts, resulting in a double blow for Indian businesses. The Korean side has asked for an increase in price competitiveness here”, the official noted.

Korea has a rice tariff quota of five lakh tonnes. They have allocated a quota of 4.8 lakh tonnes to five nations: China, Australia, the United States, Thailand, and Vietnam, with the remaining countries receiving only 20,000 tonnes.

“India is in the others category. So we are demanding either to put India in the country’s specific category or increase our quota. South Korea has an import duty of 513 percent on rice”, the spokesman said, adding that shrimp were subject to a 5 percent duty.

Korea, on the other hand, seeks more access to industries such as car parts and chemicals.

The ninth round of India-Korea CEPA upgrade negotiations took place in Seoul from November 3-4, 2022.

Both sides hoped that the CEPA upgrade negotiations would help to promote and deepen bilateral economic cooperation.

India expressed severe worries over the rising trade disparity between the two countries. India’s exports to the country totaled $6.65 billion in 2022-23, compared to $8 billion in 2021-22. Imports totaled $21.22 billion in 2022-23 and $17.5 billion in 2021-22.

Also read: Hamas Says US Strikes On Iraq And Syria Pour Oil On Fire

Spriha Rai

Recent Posts

Pakistan’s Digital Frontline: Jokes, Memes And Savage Self-Roasts

While tensions between India and Pakistan escalate post the tragic Pahalgam terror attack, something unexpected…

2 hours ago

Reliance Industries Q4 Net Profit Rises 6.4% As Retail And Digital Units Offset Energy Weakness

Reliance Industries delivered a strong Q4 FY25 performance, with Y-o-Y net profit rising 6.4% to…

2 hours ago

Yash Pratap Singh And Mehak Jaiswal Top UP Board Exams With Outstanding Scores

Yash Pratap Singh of Jalaun tops Class 10 with 97.83%, while Prayagraj’s Mehak Jaiswal secures…

2 hours ago

Yogi Adityanath Calls For Reforms To Make Madrasa Education Modern And Employment-Oriented

Chief Minister Yogi Adityanath on Friday emphasised the need for sweeping reforms in the madrasa…

3 hours ago

Tulsi Gabbard Backs India’s Hunt For Pahalgam Terror Attack Perpetrators

United States Director of National Intelligence (DNI) Tulsi Gabbard on Friday expressed strong support for…

3 hours ago

World Leaders Head To Rome For funeral Of Pope Francis

Indian President Droupadi Murmu will also attend, representing India alongside Union Minister Kiren Rijiju, Minister…

4 hours ago