Foreign Policy Watch: India-South Korea

Jul, 11, 2018

India, South Korea agree on framework to improve trade

Note4students

Mains Paper 2: IR | Bilateral, regional & global groupings & agreements involving India &/or affecting India’s interests

From UPSC perspective, the following things are important:

Prelims level: Comprehensive Economic Partnership Agreement (CEPA)

Mains level: Issues related to the Korean peninsula and India’s stand on it


News

CEPA signed

  1. India and South Korea signed a joint statement agreeing to discuss an ‘early harvest’ package for the Comprehensive Economic Partnership Agreement (CEPA) aimed at identifying key areas for enhanced trade between the two countries
  2. The CEPA came into existence in 2010
  3. The two countries also agreed to try to increase their bilateral trade to $50 billion by 2030, up from current levels of $20 billion

Back2Basics

Comprehensive Economic Partnership Agreement

  1. The Comprehensive Economic Partnership Agreement (CEPA) is a free trade agreement between India and South Korea
  2. The agreement was signed on August 7, 2009
  3. The agreement was aimed at easing restrictions on foreign direct investments and provide better access for the Indian service industry in South Korea
Jun, 18, 2016

India, South Korea to review free trade pact tomorrow- I

  1. Aim: To further boost bilateral trade and investment ties
  2. Review: Assessments of the benefits derived from both the countries under the existing CEPA like fresh negotiations on elimination/ reduction of duties on various products
  3. CEPA: Comprehensive Economic Partnership Agreement
  4. This CEPA had come into effect in 2010
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