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India, Korea working towards economic partnership agreement
Our Bureau
New Delhi
,
Aug 1
THE final round of consultations of the India-Korea Joint Study Group is to be held soon to finalise its report on the formulation of a Comprehensive Economic Partnership Agreement (CEPA) between the two countries, said Mr Ban Ki-Moon, Korean Minister of Foreign Affairs and Trade, today.
Addressing a meeting of business leaders organised by the FICCI, Mr Moon, who is leading an official and business delegation from Korea, said: "One of the most effective ways to augment the vast potential that exists between the two countries from their complementary trade and industrial structures is to speed up efforts to establish institutional framework such as relevant laws, systems, and consultations between the two Governments."
Responding to the observations by the FICCI President, Mr Onkar S. Kanwar, the Korean Minister said that the Joint Study Group was looking into the feasibility of CEPA in great detail.
"We will eventually reach an agreement which delves much deeper than a simple FTA and one that goes beyond ordinary regional economic integration."
While agreeing to seriously consider the issuance of visa-on-arrival at Korean destinations for visiting Indian business persons, Mr Moon welcomed Air India's recently launched service to Korea.
Mr Kanwar said that Korean companies could look at joint ventures as well as sub-contracting arrangements with Indian companies, especially in the small and medium sector.
Sectors that hold immense potential for Korean companies are semiconductors, plastics, auto parts, agricultural implements, multimedia, ceramic products, as well as software, he said, and invited Korean participation in India's Special Economic Zones.
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