Korea to cut tariffs on Indian imports.

The government said yesterday Korea will scrap or reduce tariffs on 11,054 imports from India as of Jan. 1, as the comprehensive economic partnership agreement was ratified on Friday.

The Ministry of Strategy and Finance said it would lift tariffs on naphtha, ferrochrome, soy bean oil and non-alloy pig iron from next year.

Korea imposes 1 percent tariff on all naptha imports, but imports from India will have zero percent under the CEPA. Naphta makes up 60 percent of all Korea's imports from India.  

India will lower the current 12.5 percent tariff on imported Korean auto parts to 1-5 percent within eight years, the ministry said.  

The 10 percent tariff on Korean diesel for jets will be halved within 10 years as well, it said.  

Tariffs on Korean ships and hot-rolled steel will be also scrapped within five to eight years, the government said.