Korea says quality of trade must improve

Korea and India reiterated committments to aim for mutual trade worth 10 bn in three years, but there were warning signals that it would not be all easy.
For one, Korea is reluctant to ease norms for imports of agricultural produce due to concerns over quality. India8217;s exports to Korea comprise of a high proportion of such primary items 8212; agri produce, dyes and pharmaceuticals.
8216;8216;There is no room to manoeuvre with these areas.. the Koreans are very meticulous about food safety norms,8217;8217; Korean President Roh Moo-Hyun said on Tuesday at a meeting organised by business chambers CII and FICCI.
Responding to Commerce and Industry Minister Kamal Nath8217;s queries on the adverse balance of trade and non-tarrif barriers on Indian exports, Roh said Koreans were far too touchy for any compromise on safety aspects.
Roh, however, did say that India must emulate its own Korean model of economic growth, and not look at trade deficit without taking into account the raised investments, jobs creation that a manufacturing and export-oriented environment bring about.
Korea is the seventh-largest investing country in the world, but cumulative FDI inflows from Korea into India over the last 13 years were only about 3 per cent of India8217;s total inflows and did not account for even a billion dollars.
Nath said the trade targets for the two countries can be met, especially since the total trade is already around 3.3 bn.