Having forged bilateral or Free Trade Agreements with Sri Lanka and Singapore, India now plans to have one with South Korea.
Trade and Economic Relations Committee headed by Prime Minister Manmohan Singh has given the go ahead for starting negotiations with South Korea to broker a Comprehensive Economic Partnership Agreement (CEPA).
A joint study group will explore the scope of cooperation, and the scope of agreement would cover goods, services and investments.
Major South Korean companies like leading carmaker Hyundai, white goods majors LG and Samsung, and prospective investors like steel giant Posco have established markets in the country.
Already South Asian Free Trade Agreement has been signed covering countries like India, Bangladesh, Pakistan, Sri Lanka and a committee also discussed in detail the present state of negotiations in the World Trade Organisation, officials informed.
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