Free Trade Agreement between India and South Korea can surprise the world!
Balaji Reddy, Special Correspondent
October 05, 2004

India South Korea trade pact can create an onslaught of further free trade pacts between India and other countries. Eventually India will be in a position to flex her economic muscles.

According to PTI, South Korea Monday said it would pursue its earlier proposal for Free Trade Agreement (FTA) with India when the leaders of two countries meet over the next two days.

"We had earlier proposed FTA with India. When leaders of two countries meet the issue will figure in the talks," Korea's Commerce, Industry and Energy Minister Hee-Beom Lee said on the sidelines of Korea-India Economic Summit organized by the Confederation of Indian Industry (CII).

"The proposal to initiate the process of setting up the study group would be discussed during the talks," Hee-Beom said.

South Korean President Roh Moo-Hyun, who started his visit to India Monday, has brought with him a high-level business delegation and ministers of foreign affairs, trade, commerce, industry and energy and information and communication.

South Korean President Roh Moo-Hyun, who started his visit to India Monday, has brought with him a high-level business delegation and ministers of foreign affairs, trade, commerce, industry and energy and information and communication.

Trade and economic cooperation between the two countries are likely to dominate talks during the first visit of a Korean President to India in eight years.

Earlier, addressing a meeting of businessmen from India and South Korea the minister told them to explore the merits of an FTA between the two countries.

He said the FTA would increase trade volume and investment opportunities.

"India-Korea trade will cross US $5 billion in 2004-05 from US $4.1 billion in 2003-04. In the next three to four years the trade between India and Korea can touch US $10 billion," Hee-Beom said.