Korea calls on India to ease trade restrictions

The South Korean government called for the easing of India’s trade restrictions during the first meeting between the two countries on cooperation in trade remedies, citing the difficulties faced by Korean exporters, said officials on Thursday. 

The meeting was held in New Delhi on Thursday as a follow-up measure to the summit of the two nations in July. It was attended by Kwon Oh-jung, chief of Korea’s Ministry of Trade, Industry and Energy’s trade research division, and Sunil Kumar, additional secretary and director general of India’s Ministry of Commerce and Industry.

India has imposed trade restrictions, such as antidumping measures, on 29 products imported from Korea, including acrylic fiber, caustic soda and acetone. It is also considering three more Korean products, including epoxy resin and sun control film, for further regulations.

Kwon requested the withdrawal of antidumping measures imposed for a period of over 20 years on Korean products and also called for fair investigation under the World Trade Organization agreement on ongoing probes.

Kumar shared the view that excessive protectionism is becoming an obstacle to trade promotion and economic development in each country. He said India would make an effort to run its trade remedy system more rationally and objectively, with the aim of achieving the goal of $50 billion of trade between the two nations by 2030, set at the summit in July.

By Shin Ji-hye (shinjh@heraldcorp.com)