Review FTA with SKorea: Parl panel to government

In a bid to protect domestic synthetic rubber industry from rising imports, a parliamentary panel has recommended that the government review the free trade agreement with South Korea.

As per the report, the Indian synthetic rubber industry is facing major issues due to rise in imports from South Korea. "The committee recommend the Department of Commerce to review the free trade agreement (FTA) with South Korea and see if the domestic rubber industry can get some protection for some time, may be for 4 to 5 years so that it may stabilise its position in the market," the Parliamentary Standing Committee on Commerce said in its report.

India and South Korea signed the Comprehensive Economic Partnership Agreement in 2009, which was implemented in 2010. The suggestion assumes significance as the imports of the synthetic rubber from South Korea jumped more than four-times to Rs 2,264 crore in 2014-15 from Rs 499 crore in 2007-08.