Q. Consider the following statements:
1.The India-Korea Comprehensive Economic Partnership Agreement (CEPA) is an agreement that focuses on trade in goods, services, and investments.
2.A key benefit of the India-Korea CEPA for Indian businesses is stricter quality control measures for Indian products.
3.Agriculture and fisheries were excluded from tariff reductions under the India-Korea CEPA due to their sensitive nature.
Which of the statements given above are correct?
Explanation –
Statements 1 and 3 are correct. The India-Korea Comprehensive Economic Partnership Agreement (CEPA) is a broad-based agreement that covers trade in goods, services, and investments. It aims to enhance economic ties between the two countries by reducing tariffs and promoting market access across various sectors. Agriculture and fisheries were excluded from tariff reductions under the India-Korea CEPA due to their sensitive nature.
Statement 2 is incorrect. The key benefits for Indian businesses under the CEPA include tariff reductions on Indian goods exported to Korea, access to the Korean services market for Indian professionals, expanded investment opportunities, and increased bilateral trade.
Source: The Hindu
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