S. Korean parliament approves India trade bill

SEOUL, Nov. 6 (Yonhap) -- South Korea's parliament on Friday approved a trade
agreement with India that would eliminate or reduce tariffs on over 4,400 South
Korean products exported to Asia's third biggest economy.

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 bill was passed 192-0 with five abstentions by the 299-seat National Assembly.
The accord will likely take effect on Jan. 1 next year if ratified in both
countries as scheduled.
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 refrigerators and televisions 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).
Bilateral trade between South Korea and India reached $15.6 billion last year.
brk@yna.co.kr
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