India and South Korea have a long history of bilateral relations. South Korea is the 14th largest investor in India with more than US$3.69 billion in investments since 2000, while India-South Korea bilateral trade touched US$19.7 billion last year. Invest India’s Startup Hub and the Korea Trade-Investment Promotion Agency’s Korea Plus initiatives have helped attract Korean investment into India.
Managing partner
Athena Legal
The governments of South Korea and India signed a Comprehensive Economic Partnership Agreement (CEPA), which came into effect on 1 January 2010, after 12 rounds of negotiations over three years. The CEPA classifies 11,200 South Korean and 5,200 India tariff lines into six categories for the reduction or elimination of tariffs. The preferential tariffs, which were in the progressive elimination categories, have now become fully operational. As a result, about 70% of tariff lines in the Indian schedule and 88% in the Korean schedule are already at zero duty under the CEPA. The governments of both countries are engaged in talks to upgrade the CEPA to further increase trade between the two countries.
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Rajat Prakash is the managing partner of Athena Legal and Siddharth Mahajan is a partner at the firm.
Athena Legal
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New Delhi – 110024
India
Contact details
Tel : 91 11 4200 4400
Email: correspondence@athenalegal.in
Website: www.athenalegal.in
