Business News
Trade pact causes South Korea-India trade to nearly double
Apr 6, 2010, 8:26 GMT
Seoul - South Korea's trade with India has almost doubled since a free trade deal went into effect January 1, the Korea Customs Service said Tuesday.
Trade volume rose to 2.58 billion dollars in January and February, up from 1.31 billion dollars in the same two months a year ago, the agency said.
During this period, South Korean shipments to India were valued at 1.58 billion dollars while its imports from India amounted to 992 million dollars, resulting in a 597-million-dollar South Korean trade surplus.
The South Korean government attributed the trade expansion to Comprehensive Economic Partnership Agreement. The free trade agreement removed tariffs India had imposed on 220 South Korean-made products like mobile phones and computer hardware and eliminated tariffs South Korea had put on 6,824 Indian-made items like oil cake, naphtha and hematite.
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