South Korea and India have discussed ways to reduce the use of trade remedy measures and promote investment opportunities between the two nations, Seoul's trade ministry said Thursday.
Senior officials of the Korea Trade Commission under the Ministry of Trade, Industry and Energy and India's Ministry of Commerce and Industry held a meeting in New Delhi to explore ways to facilitate bilateral trade and investment.
Seoul officials asked the Indian government to fairly conduct trade-related investigations on Korean products and retract anti-dumping duties that have been in place for over 20 years, including those levied on chemical and fiber products, the Korean ministry said.
India has levied 29 import restriction measures on Korean goods, including petrochemical and steel products, the second-largest number after the United States, according to the ministry.
During President Moon Jae-in's visit to India in July, the two nations agreed to speed up negotiations to update their existing bilateral trade pact, the Comprehensive Economic Partnership Agreement, which was implemented in 2010.
Seoul has explored ways to expand trade relations with India and Southeast Asian nations under the "New Southern Policy," which is aimed at diversifying its export market beyond China and the US.
Two-way trade reached $15.8 billion in 2016, with India becoming South Korea's sixth-largest export destination, according to government data. (Yonhap)