The India-Korea Comprehensive Economic Partnership Agreement (CEPA) is a bilateral agreement that aims to enhance trade and investment between India and Korea. The agreement, which was signed in 2009, covers various sectors including goods, services, investment, and intellectual property.
The CEPA provides a framework for enhancing economic cooperation between the two countries, which are among the fastest-growing economies in the world. It seeks to create a level playing field for businesses from both countries and enable them to benefit from each other`s strengths.
One of the key objectives of the CEPA is to increase bilateral trade between India and Korea. Under the agreement, both countries have committed to reducing or eliminating tariffs on a wide range of goods. This has led to a significant increase in trade between the two countries.
The CEPA also provides for the liberalization of services trade between India and Korea. This means that businesses from both countries can now offer their services in each other`s markets. This has led to increased opportunities for businesses in sectors such as IT, healthcare, and education.
In addition to trade and services, the CEPA also covers investment and intellectual property. The agreement provides for the protection of intellectual property rights and ensures that businesses from both countries can invest in each other`s economies without facing any discrimination.
The India-Korea CEPA has had a positive impact on both countries` economies. India`s exports to Korea have increased significantly since the agreement was signed, and Korean companies have also increased their investments in India. In addition, the agreement has helped to strengthen the economic ties between the two countries.
For aspirants preparing for the UPSC exam, understanding the India-Korea CEPA is important as it is an example of how bilateral economic agreements can benefit both countries. The agreement has helped to boost trade and investment between India and Korea, which is essential for the growth of both economies.
In conclusion, the India-Korea Comprehensive Economic Partnership Agreement is a significant bilateral agreement that has helped to enhance economic cooperation between India and Korea. The CEPA has provided a framework for increasing trade, services, investment, and intellectual property cooperation between the two countries, which has led to increased opportunities for businesses and strengthened economic ties.