South Korea to lower, scrap duties on Indian products

South Korea will lower or scrap import duties on most Indian products as of January 1, 2010 in accordance with a newly ratified free trade pact, the government said. The Ministry of Strategy and Finance said measures will affect 11,054 products or most goods covered by the so-called Comprehensive Economic Partnership Agreements (CEPA). CEPA is a form of a free trade agreement that aims to facilitate trade by doing away with tariffs. The two sides agreed to cut duties on 85-90% of all goods traded in the next eight years. “Import duties on such manufactured goods as naphtha, ferroalloys and beans will go down next year,” an official said. He said that in exchange New Delhi will lower its duties on South Korean made cars, ships, diesel fuel and other products. (November 12, 2009)