Parliamentary committee approves India trade bill

SEOUL, Sept. 28 (Yonhap) -- A parliamentary committee on Monday approved a
comprehensive trade agreement with India that would eliminate or reduce tariffs
on over 4,400 South Korean products exported to the Asian nation.

South Korea and India concluded the deal, called the Comprehensive Economic
Partnership Agreement (CEPA), in early August to cut duties on such goods as auto
parts and electronics and to boost cooperation between the two Asian economic
powerhouses.
The Foreign Affairs, Trade and Unification Committee approved the trade bill
submitted by the government, and the bill will be ratified when the National
Assembly endorses it with a majority vote.
The accord will likely take effect on Jan. 1 next year if ratified in both
countries as scheduled.
The CEPA, which is similar to the free trade agreement (FTA) but phases out
tariffs more slowly, will lower tariffs on auto parts by one to five percent in
eight years and on refrigerator and television by 50 percent.
The pact is expected to boost bilateral trade by as much as US$3.3 billion
annually, according to estimates by the state-run Korea Institute for
International Economic Policy (KIEP).
brk@yna.co.kr
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