India-Korea Free Trade Agreement Notification: Key Points to Know
The India-Korea Free Trade Agreement (FTA) was signed on August 7, 2009, and came into effect on January 1, 2010. Since then, the two countries have been enjoying a strong trade relationship, with bilateral trade booming to over $21 billion in 2019.
Recently, the Indian government issued a notification regarding changes made to the FTA between India and Korea. Here are some key points you should know about the notification:
1. Reduction of Customs Duty: The notification states that India has agreed to reduce the customs duty on imports of 17 items from Korea. The duty reduction will be implemented in phases, with the first phase starting from January 1, 2021.
2. Increase in Import Quota: India has also agreed to increase the import quota for certain Korean items, such as pepper, sunflower oil, and other vegetable oils.
3. Rules of Origin: The notification also introduces changes to the Rules of Origin (RoO) for certain products. The RoO is a set of guidelines that determine the country of origin of a product. The changes aim to simplify the procedures for determining the origin of goods and reduce the administrative burden on traders.
4. Dispute Settlement: The notification also makes changes to the dispute settlement mechanism. The FTA now includes provisions for mediation and conciliation, with the aim of resolving disputes more efficiently and effectively.
5. Environmental and Labor Standards: The notification also reinforces the commitment of both countries to environmental and labor standards. The FTA now includes provisions to promote sustainable development and to ensure that labor laws are respected and adhered to.
These changes to the FTA between India and Korea are expected to have a positive impact on bilateral trade relations. They will reduce barriers to trade and create new opportunities for businesses in both countries. The notification is a testament to the commitment of both countries to strengthen their partnership and work towards shared economic growth.
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