Aug 07, 2009
India and South Korea signed a Comprehensive Economic Partnership Agreement that would enable duty free trade in goods and services between the two countries and help double bilateral trade to USD 20 billion.
Commerce and Industry Minister Anand Sharma and South Korean Trade Minister Kim Jong-hoon signed the agreement in Seoul. This is India's second comprehensive deal with any country after Singapore.
"Under the agreement, tariffs will be reduced or eliminated on 93 per cent of Korea's tariff lines and 85 per cent of India's tariff lines," an official statement said.
The CEPA would come into force after it is ratified by the Korean National Assembly and the notifications to bring it into effect are made by the two countries.
It would facilitate trade in services through additional commitments made by both the countries to ease movement of independent professional and contractual suppliers.
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