Trade pact causes South Korea-India trade to nearly double

SEOUL - South Korea’s trade with India has almost doubled since a free trade deal went into effect Jan 1, the Korea Customs Service said Tuesday.

Trade volume rose to $2.58 billion in January and February, up from $1.31 billion in the same two months a year ago, the agency said.

During this period, South Korean shipments to India were valued at $1.58 billion while its imports from India amounted to $992 million, resulting in a $597-million South Korean trade surplus.

The South Korean government attributed the trade expansion to the Comprehensive Economic Partnership Agreement between the two countries. The free trade agreement removed tariffs India had imposed on 220 South Korean-made products like mobile phones and computer hardware and eliminated tariffs South Korea had put on 6,824 Indian-made items like oil cake, naphtha and hematite.