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2011-02-23

Trade soars between India and South Korea

CEPA will create business opportunities for Korean companies and would simultaneously provide opportunities to Indian professionals from software, engineering, finance and telecommunication sectors to

India and South Korea have signed a comprehensive economic  partnership agreement (CEPA) recently  that would unlock complementary strengths and boost trade and investment flows between the two countries.

 

India and South Korea aim doubling bilateral trade to USD 24 billion in five years as their recent economic pact liberalised tariff regime, Commerce and Industry Minister Anand Sharma said Tuesday.

 

"In 2009-10, our bilateral trade was USD 11.99 billion. We hope the two-way trade will double in the next five years," Sharma said after meeting South Korean Vice Minister of Knowledge Economy Park Young June here.

 

He further added that, CEPA will create business opportunities for Korean companies and would simultaneously provide opportunities to Indian professionals from software, engineering, finance and telecommunication sectors to participate and contribute to South Korea's services sector. He also urged South Korea to provide greater market access to Indian infotech companies. 

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