Commerce Minister Piyush Goyal met South Korean Trade Minister Yeo Han-koo on Tuesday and raised considerations concerning the non-tariff trade restrictions confronted by Indian metal, rice, textile, engineering items, mango, and pharmaceutical exporters, mentioned officers conscious of the matter.
The bilateral discuss was held in New Delhi to talk about trade and investment-related points. “The ministers agreed to impart fresh momentum to the discussions on the Comprehensive Economic Partnership Agreement (CEPA) upgradation negotiations and also promote extensive B2B interactions on trade and investment between the industry leaders of the two countries,” an official assertion mentioned.
They agreed to handle difficulties expressed by trade on either side and instructed officers to meet regularly to conclude the CEPA improve negotiations in a time-bound method.
Officials mentioned Goyal additionally identified considerations concerning the trade deficit, which is in favour of South Korea.
India’s trade deficit with South Korea has continued to stay excessive over the previous few years. Exports from India didn’t witness an enormous rise, regardless of a free-trade settlement between the nations. On the opposite hand, imports from the East Asian nation proceed to stay excessive. Both nations applied the CEPA 11 years in the past.
Trade between India and South Korea throughout April-October stood at $13.69 billion, with a trade deficit of $5.29 billion.
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