Korea-India FTA may be signed by 2007
Asia Pulse/Yonhap
Feb 1, 2005
Korea-India FTA may be signed by 2007
NEW DELHI - South Korea may conclude a free trade agreement (FTA) with India as early as 2007, a ranking South Korean official visiting here said Friday.
Deputy Minister for Trade Hong Jong-ki said the countries may begin negotiations next January and reach an agreement by at least 2007 because "it usually takes one or two years" to conclude a free trade deal.
"There is a strong atmosphere between the two countries to sign a free trade agreement, and we believe [the negotiations] will eventually move toward that end," said the official who is visiting here for a joint economic cooperation group meeting.
The joint study group was established after South Korean President Roh Moo-hyun agreed to explore the feasibility of a comprehensive economic partnership agreement during his visit here last October.
"The meeting was very efficient and successful as the sides prepared a lot," said Hong.
The countries will hold three more joint study group meetings this year with the second one due in Seoul in April, according to the South Korean deputy minister.
He also said the group’s report due next January will include a recommendation for a free trade agreement.
South Korea currently has only one FTA, with Chile, which came into effect in April 2004.
The country, however, is in final stages of negotiations with Singapore and wants to sign similar deals with the 10 member countries of the Association of Southeast Asian Nations, Japan, China and Mexico.
