 "With exporters grappling with tepid external demand and other disruption to trade, the Department of Commerce is pushing for an extension of two export-boosting schemes — Remission of Duties and Taxes on Exported Products (Rodtep) and Interest Equal")
The brewing political turmoil in South Korea is unlikely to impact trade with India for now, as the situation in the Southeast Asian nation is still unfolding. While South Korea is India’s 11th largest trade partner, exporters and importers believe it is too early to predict whether the crisis will affect trade.
During the first six months of the current financial year, India exported goods worth $2.87 billion to South Korea, while imports stood at $10.62 billion. Ajay Srivastava, former trade ministry official and founder of the think tank GTRI, said that as a global leader in technology and high-tech manufacturing, South Korea is well-positioned to weather internal political challenges without disrupting trade flows. “Economies anchored in industrial strength and innovation have a remarkable ability to decouple politics from trade," Srivastava said.
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