India Signs Trade Deals With S. Korea, ASEAN

According to the International Centre for Trade & Sustainable Development, India has partnered in two new trade agreements: one with South Korea and another with the Association of Southeast Asian Nations (ASEAN) trade block.

India, South Korea Sign Free Trade Agreement

After more than three years of negotiations, India and South Korea signed a Comprehensive Economic Partnership Agreement covering trade in goods, services and investment, and international property rights. Both countries agreed to gradually lower tariffs over a 10-year period, once the South Korean National Assembly ratifies the agreement.

Just 6 days later, India finalized another trade agreement with ASEAN that was 6 years in the making:

The Trade in Goods Agreement between India and ASEAN cut tariffs by 80 percent as of 1 January 2010. The agreement has added flexibility to protect more sensitive domestic goods and will allow the use of safeguards for up to four years if liberalisation hurts domestic industry, according to a statement by India’s Minister of Commerce and Industry Anand Sharma.

For the complete details, read the article at the International Centre for Trade & Sustainable Development.