New Delhi: India and South Korea will appraisal their Free Trade Agreement (FTA) with a view to intensification it further. Both the countries implemented the inclusive Economic Partnership Agreement (CEPA) in January 2010, under which the two nations liberalized trade norms for each other. Minister of State for Commerce and Industry Minister Nirmala Sitharaman conveyed that both the countries should accomplish the whole thing to further reinforce the CEPA and will focus on a variety of aspects. Nirmala Sitharaman also said that ,the Government of India will launch ‘Korea Plus’ on Saturday, a devoted instrument for hand holding Korean investors and facilitating South Korean investment and operations in India. Today at the ‘Korea-India Infrastructure and Industry & Infra Forum’ organized by FICCI in partnership with Korea Trade Investment Promotion Agency (KOTRA).
The start on of Korea Plus comes at an appropriate time as India-Korea bilateral trade volume has increased phenomenally in the past decade with the help of growing investments. Moreover Prime Minister Narendra Modi visit to Korea in 2015 had garnered a boost in attention of mutual cooperation from business enterprises of India and Korea. The forum intended to provide a business platform and build strong partnership between the industry players of both countries to explore collaboration opportunities, and promote trade, investment and technical cooperation. She conveyed that, the partnership between the two nations was built on the aspirations of the people which permissible the industry on both sides to connect productively. Stress infrastructure as one of the most significant sectors for cooperation, Sitharaman said with the Delhi-Mumbai Industrial Corridor; Bengaluru- Mumbai Economic Corridor; Chennai-Bengaluru Industrial Corridor; Visakhapatnam-Chennai Industrial Corridor and Amritsar-Kolkata Industrial Corridor, in the pipeline, Korea could help India to develop these corridors by sharing its high quality technology and expertise in the field. Hyunghwan Joo, Minister of Trade, Industry and Energy (South Korea), conveyed that, it was time to improve the institutional foundations by promoting the Comprehensive Economic Partnership Agreement (CEPA) which is a free trade agreement between India and South Korea providing better access for the Indian service industry such as information technology in South Korea.