Prabhu, S Korean trade minister discuss ways to promote trade, investment

Commerce and Industry Minister Suresh Prabhu today hold bilateral discussions with his South Korean counterpart Kim Hyun-chong to promote economic ties.

The ministers also reviewed the progress of negotiations of the India-Korea Comprehensive Economic Partnership Agreement (CEPA), the ministry said in a statement.

"Both the ministers shared the view that both countries should strive towards achieving additional liberalization by upgrading CEPA in such a way that reflects the various interests and sensitivities of each side," it said.

They also expressed satisfaction on the signing of the joint statement on early harvest package.

The CEPA, a kind of free trade agreement under which both the countries have eliminated duties on several goods and relaxed norms to promote investments and trade in services, between the countries was implemented in January 2010 and is currently under revision.

The bilateral trade between the countries has increased to USD 20.9 billion in 2017-18 from USD 16.9 billion in the previous fiscal. The trade is highly in the favour of South Korea.