Seoul, Sep 19 The World Customs Organization (WCO) has ruled in favour of South Korea in a tariff classification dispute with India over radio units (RUs) used in mobile base stations, the Seoul government said on Friday.
The dispute involves an estimated 800 billion won ($573 million) in tariffs and related charges for RUs exported by local tech giant Samsung Electronics Co. to India, according to the Ministry of Economy and Finance, reports Yonhap news agency.
The Brussels-based intergovernmental body determined that the RUs should be classified as “parts,” which are exempt from tariffs.
The ruling contradicts India’s previous classification of the RUs as “telecommunication equipment,” subject to a 20 percent tariff.
Although WCO decisions are not legally binding on individual member states, the ministry emphasized that the ruling is meaningful as it reflects international consensus in support of South Korea’s position.
A ministry official said the decision is expected to work in favor of South Korean companies as they continue discussions with Indian tax authorities.
On Thursday, South Korea’s major conglomerates announced large-scale employment plans to foster future growth engines and create jobs in line with government policy.
Samsung Group said it will hire 60,000 new employees over the next five years, with a particular focus on semiconductors, biotechnology and artificial intelligence (AI).
Nineteen affiliates, including Samsung Electronics Co., Samsung C&T Corp. and Samsung Biologics Co., are currently in the process of recruiting, it added.
Samsung Group has maintained a groupwide open recruitment program for entry-level workers since 1957.
The group added it will continue to run separate internship programs to give young job seekers experience while formally hiring verified candidates.
Meanwhile, the country’s second-largest business group, SK, announced it plans to hire an additional 4,000 workers by the end of this year, on top of the same number hired in the first half, focusing on recruiting professionals in AI and digital transformation.
Hyundai Motor Group said it will hire 7,200 workers this year as part of its push to become a global mobility solutions provider and will increase hiring to 10,000 next year.
(Auto generated news from IANS Feed. This has not been edited by enewstime desk)
