| Date: |
19-01-2011 |
| Subject: |
S. Korea-India Trade Hits Record High on Free Trade Deal |
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South Korea's trade with India jumped to a record high in 2010 thanks to expanded exchanges through a free trade deal that the two countries enforced early last year, Seoul's customs office said Tuesday.
Trade between the two nations reached US$17.1 billion last year, compared with $2.3 billion in 2000 and the previous record of $15.6 billion in 2008, according to the Korea Customs Service.
South Korea's exports to India jumped 42.7 percent on-year to $11.4 billion last year, and its imports rose 37 percent to $5.7 billion, resulting in a record trade surplus of $5.7 billion, the service said.
The increase was attributed to expanded trade under the Comprehensive Economic Partnership Agreement (CEPA), a de facto free trade deal, which was signed by the two nations in August 2009. It came into force in January last year.
The free trade deal boosted bilateral investment as well. India's investment in South Korea surged to $371 million last year from a mere $3 million a year earlier, according to the customs office.
Korea's investment in India amounted to $143 million during the January-September period of last year, according to data provided by the Ministry of Knowledge Economy. The full-year figure is not yet available.
Source : english.yonhapnews.co.kr
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