South Korea favours widening of FTA to boost trade, investments
20 Sept 2017 10:50 PM IST
New Delhi: South Korea on Wednesday called for broadening the scope of free trade agreement (FTA) with India for boosting two-way commerce and investments.
South Korean Deputy Minister for trade, industry and energy Young Sam Kim said that there is a need to enhance cooperation in manufacturing and infrastructure sectors.
The world class technology of Korea in the manufacturing sector can help India achieving the objectives of Make in India initiative besides in smart city development, he said.
Kim was speaking at industry body Ficci's India-S Korea Economic Cooperation Forum here.
On FTA, officially dubbed as comprehensive economic partnership agreement (CEPA), he said both the sides should work on ways to expand two-way trade and investment in terms of quantity as well as quality. To do so, he added, there is a need to enhance the scope of the agreement.
"CEPA has achieved remarkable things such as increasing bilateral trade volume. But it is also true that there is still room for improvement," he said, adding that both the sides can work on broadening the pact and look at the rules of origin.
He said both the countries can look at early conclusion of the negotiations for the review of the CEPA.
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