07 August 2009 09:15 [Source: ICIS news]
SINGAPORE (ICIS news)--South Korea and India have sealed a free trade agreement (FTA) on Friday aimed at eliminating or cutting tariffs on exports between the two countries, media reports said.
There was no official statement about the bilateral deal posted on the websites of their respective trade ministries.
The FTA was expected to be implemented early next year upon ratification by the South Korean parliament, according to newswire agency AFP.
Total trade between the two countries was valued at $15.56bn (€10.9bn) in 2008, AFP said citing data from the Korea Institute for International Economic Policy.
"It has the potential even to double (trade) over...the next 10 years. That's what we'll be aiming at," Indian trade minister Anand Sharma was quoted by Reuters as saying.
Sharma and his South Korean counterpart Kim Jong-hoon held a joint press conference after the signing of the bilateral trade deal.
($1 = €0.70)
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