Korea, India to Upgrade Strategic Partnership(2)

Korea, India to Upgrade Strategic Partnership(2)
Economic and Trade Cooperation


• Shared the view that the CEPA will contribute to enhancing trade and investment flows between the two countries. They also reaffirmed their commitment to ensure the smooth implementation of the CEPA. It was agreed that the first meeting of the Joint Committee headed by trade ministers of the two countries or their representatives will be held in the second half of 2010 to review the status of the implementation of the CEPA.

• Agreed to set a target of $ 30 billion for bilateral trade to be achieved by 2014. They also agreed to strengthen cooperation in trade and investment, SMEs, SPS and Standards related measures, trade remedies and IPR issues.

• Agreed to enhance cooperation in the financial sector through bilateral consultations on macroeconomic policy, budget, taxation, finance, and public sector reform.

• Agreed to enhance cooperation and support at governmental level to nurture a favorable environment, including through mutual agreement on a revised Double Taxation Avoidance Convention (DTAC) before the end of 2010.

The Indian side hoped that investment from the ROK into India will expand, including in the infrastructure and manufacturing sectors.

In this context, referring to the project to set up a Korean industrial complex and technology zone in the State of Gujarat, the two leaders noted its potential to further accelerate the bilateral trade and investment linkages.

• Recognized the need to expedite the implementation of the POSCO project in the State of Orissa. The Korean side hoped that Indian investment in the ROK will also expand. It was agreed that the fourth meeting of the ROK-India Joint Committee on Investment Promotion will be held in New Delhi in 2010.

• Agreed to explore the possibility of enhancing air connectivity between the two countries. They also agreed to consider the early conclusion of a mutually beneficial Maritime Shipping Agreement.