South Korea : South Korea OK s India free trade agreement.Byline: Mamta03 South Korea on Friday ratified a free trade deal with India that promises to slash tariffs on goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. between two of Asia's biggest economies. The agreement was passed in a vote by lawmakers in the National Assembly, said two officials in the body's secretariat. They refused to give their names, saying they were not authorized to speak to media. An official vote tally was to be released later in the day, they said. South Korea's Yonhap news agency reported that the bill passed by a margin of 192-0, with five abstentions in the 298-seat assembly. The two countries signed the deal, known officially as a Comprehensive Economic Partnership Agreement, in August in Seoul. Trade between India and South Korea Asia's third- and fourth-largest economies, respectively has grown steadily and reached $15.6 billion last year. In 2002, it amounted to just $2.6 billion. The two countries will abolish or cut tariffs for 90 percent of Indian goods in terms of value and 85 percent of South Korean products, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. South Korea. At the time the deal was signed in August, South Korea's Ministry of Foreign Affairs and Trade Ministry of Foreign Affairs and Trade may refer to:
An economic affairs official at the Indian Embassy in Seoul could not immediately be reached for comment. South Korea has been aggressively pursuing free trade agreements as part of a national strategy to boost its economy and increase opportunities for its companies, including heavyweight exporters like electronics maker Samsung and automaker Hyundai. The country has concluded accords with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community , though both remain unratified. In effect are agreements with Chile, the 10-member Association of Southeast Asian Nations Association of Southeast Asian Nations (ASEAN), organization established by the Bangkok Declaration (1967), linking the nations of Indonesia, Malaysia, Philippines, Singapore, and Thailand. and the European Free Trade Association European Free Trade Association (EFTA), customs union and trading bloc; its current members are Iceland, Liechtenstein, Norway, and Switzerland. EFTA was established in 1960 by Austria, Denmark, Great Britain, Norway, Portugal, Sweden, and Switzerland. , which comprises Switzerland, Iceland, Liechtenstein and Norway. Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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