S. Korea, India to exchange initial tariff cut offers at CEPA talks
Yonhap
2007/01/09
S. Korea, India to exchange initial tariff cut offers at CEPA talks
SEOUL, Jan. 9 2007 (Yonhap) — South Korea and India will exchange initial offers on tariff reduction levels at the bilateral comprehensive economic partnership agreement (CEPA) meeting in India, the government said Tuesday.
In the three-day meeting that begins Wednesday in Jaipur, the two sides are going to discuss what goods and services should be included in the free trade pact and the timetable and extent of tariff cuts, the Ministry of Agriculture and Forestry said.
A CEPA is regarded as the equivalent of a free trade agreement and is geared to promote growth through liberal trade, investment and economic and technical cooperation. Seoul and New Delhi have held four rounds of talks so far with the aim of concluding a pact by late 2007.
"The two countries have already agreed on the need to establish protective measures for certain goods," Kim Duck-ho, a trade expert at the ministry said. He said that while India considers the agriculture sector as a sensitive matter that needs to be approached carefully, the country is also rice exporter and interested in foreign markets.
"Any deal must include a clause that limits any side effects to South Korea’s weak farming sector," the official said. He stressed the government will take every step possible to protect the interests of the country’s agriculture sector.
