According to a report in Economic Times, Commerce Minister Piyush Goyal met South Korean Trade Minister Yeo Han-koo on Tuesday and raised concerns regarding the non-tariff trade restrictions faced by Indian steel, rice, textile, engineering goods, mango, and pharmaceutical exporters, said officials aware of the matter.
The bilateral talk was held in New Delhi to discuss trade and investment-related issues. “The ministers agreed to impart fresh momentum to the discussions on the Comprehensive Economic Partnership Agreement (CEPA) upgradation negotiations and also promote extensive B2B interactions on trade and investment between the industry leaders of the two countries,” the report said.
They agreed to address difficulties expressed by industry on both sides and instructed officials to meet on a regular basis to conclude the CEPA upgrade negotiations in a time-bound manner.
Officials said Goyal also pointed out concerns regarding the trade deficit, which is in favour of South Korea.
India’s trade deficit with South Korea has continued to remain high over the last few years. Exports from India did not witness a massive rise, despite a free-trade agreement between the nations. On the other hand, imports from the East Asian nation continue to remain high. Both nations implemented the CEPA 11 years ago, the report said.
Trade between India and South Korea during April-October stood at $13.69 billion, with a trade deficit of $5.29 billion. (Economic Times)
