WT/REG286/M/2  
 
11 December  2020 
(20-8944) Page: 1/3 
Committee on Regional Trade Agreements  
Ninety -eighth  Session    
 
 
COMPREHENSIVE ECONOMIC PARTNERSHIP AGREEMENT BETWEEN INDIA  AND THE 
REPUBLIC OF KOREA  (GOODS ) 
NOTE ON THE MEETING OF  18 NOVEMBER  2020 
Chairm an: Ambassador H.E. Mr. Mārtiņš KREITUS (Latvia ) 
1.1.  The 9 8th Session of the Committee on Regional Trade Agreements (hereinafter "CRTA " or the 
"Committee ") was convened in Airgram WTO/AIR/RTA/ 23/Rev.1  dated 6 November  2020. 
1.2.  Under Agenda Item C.III of the Session, the CRTA considered the Comprehensive Economic 
Partnership agreement between India and the Republic of Korea , goods  (hereinafter "the 
Agreement").  The Chairman stated that the Factual Presentation had been prepared by the 
Secretariat on it s own responsibility in full consultation with the Parties, in accordance with 
paragraph 7(b) of the Transparency Mechanism for Regional Trade Agreements (document 
WT/L/671).  
1.3.  The Chairman indicated  that the Agreement had entered into force on 1 January 201 0. It had 
been notified by the Republic of Korea on 23 June 2010 under Article  XXIV:7(a) of the GATT  1994 
as an agreement covering trade in goods and related issues (document  WT/RE286/N/1). The text of 
the Agreement was available, together with its Annexes , on the Parties' official websites. The 
Agreement on trade in goods was also notified under the Paragraph 4(a) of the Enabling Clause by 
India; accordingly, the Agreement would  be considered by the Committee on Trade and 
Development on Friday 20 November,  immediately following th e CRTA  meeting.  
1.4.  The services aspects of the Agreement had been  notified to the WTO and considered by the 
CRTA three years ago. The Factual Presentation on the goods aspects (document WT/REG286/4 
dated 28 August 2020) and questions  and replies on this Agreement (document WT/REG286/5 dated 
11 November 2020) had been distributed.  
1.5.  The representative of India expressed her delegation's gratitude for the comprehensive and 
detailed factual presentation prepared by the Secretariat. The Ag reement between India and the 
Republic of Korea had entered into force on 1 January 2010. It provide d for both countries to lower 
or eliminate import tariffs on a wide range of goods and expand opportunities for investments and 
exchanging services.  
1.6.  Tariff liberali zation under the Agreement ha d happened in phases. Following the latest 
liberali zation in 2017, India offer ed duty-free access for Korean imports on 6 ,939 tariff lines, which 
was about 61.3% of the tariff. During the initial year of operation of the Agreement  in 2010 -11, 
bilateral trade between India and the Republic of Korea increased by about 24%, with Indian exports 
increasing by about 31% and Korean exports increasing by about 22%.  
1.7.  On the servic es side, the Agreement  allowed for the mutual expansion of job opportunities for 
computer specialists, engineers, managing consultants and assistant English teachers. Trade and 
economic relations between India and the Republic of Korea ha d gathered momentu m after the 
signing of the Agreement, with annual bilateral trade reaching USD 21.3 billion in 2018, crossing the 
USD 20 billion mark for the first time. Indian imports from the Republic of Korea had almost doubled 
from around USD 8 billion in 2009 -10 to U SD 16 billion in 2018 -19, while India 's exports to the 
Republic of Korea ha d increased marginally and were now around USD 5 billion, resulting in an WT/REG286/M/2  
 
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  increasing trade imbalance. For long term sustainability, it was essential to have a mutually 
beneficial an d balanced trade.  
1.8.  In conclusion, she thanked the delegations of Brazil, the United States, Canada, Mexico, China 
and Ecuador for their interest in the Agreement and the questions raised on the factual presentation. 
India had provided written answers to all  the questions, and stood ready to respond to further 
questions from Members.  
1.9.  The representative of the Republic of Korea  thanked the Secretariat for preparing th e 
Committee meeting and the Factual Presentation, as well as to the Members for their interest  in and 
questions concerning the Agreement . He also thank ed India for its cooperation in preparing for th e 
session with the Republic of Korea. The Republic of Korea saw great merit in the Transparency 
Mechanism of the CRTA. This procedure kep t Members informed on recent developments in other 
members ' regional trade agreements and provide d opportunities for deeper understanding of them. 
He hoped that th e session would help WTO Members better understand the Agreement . 
1.10.   After the commencement of nego tiations in February 2006, both countries had held a total of 
fifteen rounds of negotiations from March 2006 to August 2008. The Republic of Korea and India 
had then signed the Agreement in August 2009 . The Agreement entered into force in January 2010 . 
It consist ed of fifteen chapters, ranging from Chapter One, 'General Provisions and Definitions,' to 
Chapter Fifteen, 'Administrative and Final Provisions.' The Agreement  was a comprehensive and 
high-level trade agreement that cover ed most general free trade regulations, such as trade in goods, 
rules of origin, and trade facilitation.  
1.11.   Regarding trade in goods, the Agreement include d the general principles of national treatment 
and market access for goods. In addition, it introduce d a higher level of market opening than the 
GATT. Of Korean tariff lines, 88.6% and 71.5% of Indian tariff lines  had already been eliminated 
from 2019, the tenth year of the Agreement's  entry into force. The Republic of Korea believed that 
the Agreement  was fully consistent with both countries' WTO obligations and even went beyond their 
WTO commitments in several  areas.  
1.12.   Since the entry into force of the Agreement  in January 2010, the bilateral trade volume 
between the Republic of Korea and India had increased by 70% from USD 12 billion in 2009 to 
USD 21 billion in 2019. Investment flows ha d also grown by 124% from USD 349 million to USD 782 
million during the same period. The Republic of Korea was confident that this trend would continue 
due to t he close cooperation between the two countries. The Republic of Korea and India were 
currently negotiating to upgrade the Agreeme nt in several areas, including goods, services and 
investment, with a goal to maximize its effect so that both countries could enjoy additional benefits.  
1.13.   On behalf of the Korean delegation, he again thank ed Members for their participation in the 
session an d the Secretariat for its hard work . He especially appreciate d that concerned Members 
had sent written questions before th e Committee  meeting . The Republic of Korea and India had 
provided written answers to enhance transparency. Any further questions  would be replied to  as 
soon as possible.  
1.14.   The delegation of the European Union  thanked the Parties for their presentations and the 
Secretariat for the Factual Presentation.  
1.15.   The delegation of Japan  thanked the Parties for their presentations and replies to questions. 
His delegation had closely examined the information provided and had no further questions.  
1.16.   The delegation of the United States  thanked the Parties and the Secretariat for the 
transparency o f this exercise.  
1.17.   The delegation of Canada  thanked the  Parties for their transparency and the Secretariat for 
the work on the Factual Presentation.  
1.18.   The Chairman  noted that the consideration of the Goods Aspects of the Comprehensive 
Economic Partnership Agr eement between India and the Republic of Korea, goods, ha d allowed the 
Committee to clarify a number of questions and had now conclude d oral discussion of th e RTA in 
accordance with paragraph 11 of the Transparency Mechanism. If any delegations wish ed to ask WT/REG286/M/2  
 
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  follow up questions they were invited to forward submissions in writing to the Secretariat by 
25 November 2020 and Parties were asked to submit replies in writing by no later than 9 December 
2020. In accordance with paragraph 13 of the Transparency Mechanism all written submissions, as 
well as minutes of this meeting w ould be circulated promptly, in all WTO official languages, and be 
made available on the WT O website.   
1.19.   The Committee took note  of the comments made.  
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