Seoul: Hyundai Motor Co., LG Electronics Inc. and other South Korean companies will get greater access to India’s 1.2 billion people in a trade deal to be signed on Friday.
Import duties on 85% of Korean goods, including auto parts and electronics, will be cut or phased out over the next decade, Korea’s trade ministry said on Thursday. Indian commerce minister Anand Sharma and his Korean counterpart Kim Jong Hoon will sign the agreement in Seoul, said Choi Kyong Lim, the official overseeing trade agreements, in Seoul.
India’s $1.2 trillion (Rs57.12 trillion) economy grew 5.8% in the three months to 31 March, brushing off the global slowdown that has dragged Korea into recession.
Singapore’s exports to India, excluding oil products, more than doubled in the two years after they signed a similar accord in 2005.