Assembly set to ratify pact with India
Published: 05 Nov. 2009, 22:12
The National Assembly is expected to ratify today the Korea-India Comprehensive Economic Partnership Agreement designed to boost trade and investment between the two countries.
“If the agreement is not ratified before next week, the CEPA won’t take effect as scheduled on Jan. 1 of next year,” Grand National Party floor leader Ahn Sang-soo said yesterday.
The Democratic Party’s deputy floor leader, Woo Yoon-keun, also said the main opposition party’s lawmakers will ratify the bill, since the issue is linked to economic cooperation with a foreign country.
In August, Korea and India signed the bilateral economic agreement, which will give Korea liberal access to India’s 1.2 billion people, the world’s second-largest market by population.
A CEPA is similar to a free trade agreement, but phases out tariffs more slowly. The Korea-India CEPA is designed to eliminate or reduce tariffs on 85 percent of Korean exports to India and 90 percent of India’s shipments to Korea. The Korean legislature’s ratification is the last step before the agreement takes effect. India has already completed all necessary procedures to ratify the pact. Trade between the two countries was $15.6 billion last year, up 39 percent from the year before. Korea had a trade surplus with India of $2.4 billion.
By Ser Myo-ja [[email protected]]
“If the agreement is not ratified before next week, the CEPA won’t take effect as scheduled on Jan. 1 of next year,” Grand National Party floor leader Ahn Sang-soo said yesterday.
The Democratic Party’s deputy floor leader, Woo Yoon-keun, also said the main opposition party’s lawmakers will ratify the bill, since the issue is linked to economic cooperation with a foreign country.
In August, Korea and India signed the bilateral economic agreement, which will give Korea liberal access to India’s 1.2 billion people, the world’s second-largest market by population.
A CEPA is similar to a free trade agreement, but phases out tariffs more slowly. The Korea-India CEPA is designed to eliminate or reduce tariffs on 85 percent of Korean exports to India and 90 percent of India’s shipments to Korea. The Korean legislature’s ratification is the last step before the agreement takes effect. India has already completed all necessary procedures to ratify the pact. Trade between the two countries was $15.6 billion last year, up 39 percent from the year before. Korea had a trade surplus with India of $2.4 billion.
By Ser Myo-ja [[email protected]]
with the Korea JoongAng Daily
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