India Accelerates FTA Upgrade Talks with South Korea Amid Trade Deficit Concerns

India moves forward with upgrading its Free Trade Agreement (FTA) with South Korea. Engaging multiple ministries, India aims to boost its exports by seeking greater market access for products such as steel, rice, and shrimp. The discussions come amid growing trade deficits and non-tariff barriers faced by Indian exporters.

The Indian government is intensifying efforts to upgrade its Free Trade Agreement (FTA) with South Korea, an initiative aimed at boosting exports and reducing trade deficits. In this initiative, the department of commerce is collaborating with various ministries, including heavy industries, steel, and textiles, to finalize an offer list, according to an official source.

The agreement, known as the Comprehensive Economic Partnership Agreement (CEPA), came into effect in January 2010. Ten rounds of talks have been completed so far. Both nations have exchanged request lists and are working on offer lists, showcasing their commitment to strengthening economic ties.

India is seeking enhanced market access for key products such as steel, rice, and shrimp, aiming to mitigate the trade deficit. Specific concerns include South Korean firms' reluctance to purchase Indian steel and other non-tariff barriers that make it challenging for Indian products to enter the South Korean market. The ongoing negotiations are expected to play a pivotal role in fostering a more equitable trade relationship.

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