India Korea Comprehensive Economic Partnership Agreement (IKCEPA)

The India Korea Comprehensive Economic Partnership Agreement (IKCEPA) is a bilateral trade agreement which was signed on August 7, 2009 and came into force January 1, 2010.

 

The agreement ratifies base tariffs in a broad number of sectors, including the energy products and their components:

• Electric motors, turbines and generators; 
• Mechanical equipment including pumps, appliances, and other advanced machinery; 
• Electric accumulators, transformers, capacitors, batteries; Motor vehicles; 
• Mineral ore, slag and ash; 
• Mineral fuels, oils and other products; 
• Metals and their articles e.g. iron and steel; 
• Semiconductors devices and photovoltaic cells.

 

The Agreement also includes rules of origin and local content provisions. Goods are counted as originating from each country if:

• wholly produced or obtained in the country 
• meeting requirements included as provisions to the agreement, mainly through having undergone manufacturing processes that warrant a change in the HS code or meet regional value content requirements e.g. 35%

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