Hyundai Has FTA Between European union and South Korea

The Indian arm of Korea's Hyundai Motor Co (005380.KS: Quote, Profile, Research) is worried that a free trade agreement (FTA) between the European Union and South Korea would threaten its exports to Europe, the Economic Times said on Tuesday. The proposed trade pact will allow Korean carmakers such as its parent Hyundai and Kia Motors (000270.KS: Quote, Profile, Research) to ship their cars to Europe without paying the 10 percent duty levied on imports, threatening to erode the competitive advantage enjoyed by Indian carmakers in their largest export market, the report said.Hyundai Motors India exports half the cars it makes in India and is the largest exporter of cars from the country. The company has already asked the Indian government to take steps to protect its interests, the report said.

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