The Hindu Business Line : India-Korea economic pact to push trade and investment

New Delhi, Sept. 25 India and South Korea on Thursday announced that all outstanding issues in the negotiations for forging the Korea-India Comprehensive Economic Partnership Agreement (CEPA) have been resolved smoothly, paving the way for it to be launched from the first half of 2009.

At the conclusion of the 12th round of the Korea-India Comprehensive Economic Partnership Agreement (CEPA) held in Seoul from September 22-25, it was stated that the CEPA Agreement is expected to further accelerate the growth of the flows of bilateral trade and investment between Korea and India.

The Indian side was led by Mr Gopal K. Pillai, Commerce Secretary, and the Korean side was led by Mr Hye-min Lee, Deputy Minister.

Both sides expect that they will be able to finalise the formal text of the Agreement including the schedules for liberalisation of goods, services and investment by the end of next month. Major elements of the Agreement will be made public at that time.

Both sides hope to sign the Agreement by the end of this year after completing all domestic procedures and the Agreement will come into effect from the first half of next year on a mutually agreed date.

The Korea-India CEPA negotiations started in March 2006 and a total of 12 rounds of negotiations have been held. India and Korea are 12th and 13th largest economies in the world respectively.

The bilateral trade has been growing by an average rate of around 27 per cent over the last 3 years and amounted to $ 11.2 billion in 2007, an official release issued here said.

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