Posted August. 08, 2009 08:04,
Trade Minister Kim Jong-hoon said yesterday that the comprehensive economic partnership agreement with India will create a greater synergy than Koreas other free trade accords because of mutually benefits.
Kim was speaking at a joint news conference after signing the deal with India in downtown Seoul.
Bilateral trade reached 15.6 billion U.S. dollars last year, six times more than in 2002, and Korean investment in India is steadily growing, he said. "Bilateral trade and investment will gain further momentum through the agreement.
Indian Commerce and Industry Minister Anand Sharma said, The two countries both celebrate their independence day Aug. 15. This is not mere coincidence but an indication that bilateral ties will further develop down the road, adding, The trade deal is Indias first with a major economy.
The Korean economy has been a model for Indias economic development and Hyundai Motor cars and LG Electronics` and Samsung Electronics` consumer electronics are very popular among the Indian people,
Sharma added, Indias labor market and industrial structure will significantly benefit from Koreas manufacturing technologies.
The comprehensive economic partnership agreement will also contribute to curbing protectionism and promoting free trade in the world.
On if the agreement will lead to a large influx of Indian professionals to Korea, Kim said, At a time when Korea is suffering from lack of manpower, qualified Indian workers in sectors such as information technology, computer programming, and English education will be of great help to Korea.
On the possibility of free trade agreements with other BRICs (Brazil, Russia, India, and China), he said, A joint study by the government, academia and business on a free trade deal with China is in the final stage. A free trade deal with Brazil will take time because a feasibility study is being done in collaboration with four Southern Common Market countries (Argentina, Paraguay, Uruguay and Brazil).
Russia is on the verge of joining the World Trade Organization. So negotiations will begin after its accession to the world trade body.