S. Korea-India trade up 45 pct after FTA implementation

SEOUL, Dec. 30 (Yonhap) -- Trade volume between South Korea and India jumped 45
percent in the first 11 months of the year after a bilateral free trade accord
took effect earlier this year, the country's trade ministry said Thursday.
The bilateral trade volume reached US$15.6 billion in the January-November
period, compared with $10.8 billion a year earlier.
South Korea exported goods worth $10.4 billion to India in the first 11 months of
the year, up 45 percent from a year earlier. Seoul's imports of Indian goods
jumped 43 percent to $5.2 billion over the cited period, according to the
ministry.
South Korea and India implemented their free trade agreement on Jan. 1 this year,
known as a comprehensive economic partnership agreement (CEPA) that covers
services and investment as well as competition and other issues.
Overall, the CEPA is expected to boost bilateral trade by as much as $3.3 billion
annually, according to estimates by the state-run Korea Institute for
International Economic Policy (KIEP).
Seoul has free trade pacts in effect with 16 nations. South Korea is also in
talks with 12 other nations over free trade accords.
In FTA talks earlier this month, South Korea and the United States reached a
final agreement focusing on U.S. demands that South Korea soften its automotive
safety and environmental standards.
A similar pact with the European Union (EU) is also set to go into effect in July.
sam@yna.co.kr