South Korea's FTA with India to impact tariffs on over US$15 bln annually

The South Korean parliament has ratified a free trade agreement (FTA) with India, leading to elimination or lowering of tariffs on over US$15 bln in annual bilateral trade. The trade pact, which does not require ratification by India, could nearly double the volume of trade between the two sides. South Korea's main exports to India are auto parts, petroleum products, and mobile phones. Its largest import from India is naphtha, accounting for more than half of imports in 2008.
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