South Korea has taken action against India's decision to place quantitative restrictions on the import of isopropyl alcohol (IPA). This article will delve into this development from the perspective of the IAS exam. This topic is relevant in both the economy and international relations segments.
South Korea's Retaliation Against India's IPA Import Restrictions
Following India's decision to impose national quantitative restrictions on isopropyl alcohol (IPA) imports, South Korea has decided to increase import tariffs on several Indian goods.
- This move is a reaction to a notification from India's Directorate General of Foreign Trade , which imposed permanent safety measures on IPA imports on March 31, 2023.
- According to South Korea, India's actions are inconsistent with its obligations under the 1994 GATT and the Agreement on Safeguards.
- The planned suspension of equivalent concessions and other obligations under the 1994 GATT will result in increased duties on several products of Indian origin.
What Exactly is Isopropyl Alcohol (IPA)?
- Isopropyl alcohol (IPA) is a key component in the production of hand sanitisers.
- IPA is commonly used as a cleaning solvent to remove various types of dirt from various materials.
- IPA is often used to dissolve and remove light oils, fingerprints, cutting fluids, flux residues, carbon deposits, and mould release. It is capable of dissolving a wide range of polar and non-polar soils.
- It can also be used as a drying agent due to its easy miscibility in water.
About GATT
- GATT stands for the General Agreement on Tariffs and Trade.
- India, a founding member of GATT, was among the 23 countries that signed it in 1947.
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The aim of GATT was to promote international trade through several measures, including:
- Reduction of various taxes, quotas, and subsidies
- Maintenance of significant rules
Learn more about GATT here.
| Related Links | |||
| World Trade Organisation | WTO Agreements | ||
| TRIPS | Agreement on Agriculture | ||
| Trade Facilitation Agreement | India – South Korea Relations | ||
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