Parliamentary committee approves India trade bill
Korea Herald, Seoul
Parliamentary committee approves India trade bill
28 September 2009
A parliamentary committee on Monday approved a comprehensive trade agreement with India that would eliminate or reduce tariffs on over 4,400 Korean products exported to the Asian nation, Yonhap news reported.
Korea and India concluded the deal, called the Comprehensive Economic Partnership Agreement (CEPA), in early August to cut duties on such goods as auto parts and electronics and to boost cooperation between the two Asian economic powerhouses.
The Foreign Affairs, Trade and Unification Committee approved the trade bill submitted by the government, and the bill will be ratified when the National Assembly endorses it with a majority vote.
The accord will likely take effect on Jan. 1 next year if ratified in both countries as scheduled.
