India, South Korea aim to double trade in 5 years

February 22nd, 2011 - 8:08 pm ICT by IANS  

New Delhi, Feb 22 (IANS) India and South Korea target doubling bilateral trade to $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 $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 said the comprehensive economic partnership agreement (CEPA) signed recently would unlock complementary strengths and boost trade and investment flows between the two countries.

India and South Korea signed a comprehensive economic partnership agreement in August 2009. The agreement came into force from Jan 1, 2010.

“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 said.

He urged South Korea to provide greater market access to Indian infotech companies.

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