India seeks market concession for rice, entry for grapes, pomegranates from South Korea

India seeks market concession for rice, access for grapes, pomegranates from South Korea

 

NEW DELHI: India will search concessions for its rice exports to South Korea as Seoul levies a whopping 513% tariff on imported rice and buys rice from solely 5 international locations underneath its tariff fee quota regime. New Delhi can even push for Seoul to permit imports of grapes and pomegranates and eggplant, and eliminate the requirement of sending inspectors earlier than importing mangoes.

At current, India doesn’t export any non-Basmati rice to South Korea and the nation imports rice from the US, China, Australia, Vietnam and Thailand. It levies 513% obligation and maintains a tariff fee quota of 408,700 tonne.

The concern got here up at a current assembly that the commerce and business ministry had with business and exporters on the India-Korea Comprehensive Economic Partnership Agreement (CEPA) on reviewing the pact.

“We are in the process of reviewing the agreement and are looking at tariff and non-tariff barriers that could be taken up,” stated an official.

India’s commerce deficit with South Korea was $10.eight billion in FY20. In the primary quarter of FY21, India’s exports to the East Asian nation had been $943.four million and imports had been $2.four billion. Major gadgets of India’s exports to Korea are mineral fuels/oil distillates resembling naphtha, cereals, iron and metal whereas imports are vehicle components, telecommunication tools, sizzling rolled iron merchandise, petroleum refined merchandise, base lubricating oils, nuclear reactors, mechanical home equipment, electrical equipment and components, and merchandise of iron and metal.

Industry additionally pushed for exports of bovine meat to the nation. “We export bovine meat to Asean countries. We have sought market access in South Korea as well,” stated an business consultant who attended the assembly.

South Korea is a part of the Regional Comprehensive Economic Partnership (RCEP) commerce settlement that India exited final 12 months on issues associated to its burgeoning commerce deficit with many members.

John Show

About John Show

John is a journalist with nearly 6 years of experience. While studying journalism at the University of Tennessee, John found a passion for finding engaging stories. As a contributor to Market News Reports, John mostly covers state and national developments.

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