The agreement will ease restrictions on foreign direct investment. Companies can own up to 65% of a business in another country. [8] Both countries have avoided problems in agriculture, fisheries and mining and are deciding not to reduce tariffs in these areas. This is due to the high sensitivity of these sectors in the countries concerned. [9] In 2008, trade between India and South Korea amounted to $15.6 billion. This is a significant increase from 2002, when total trade was $2.6 billion. [3] The Korea Institute for International Economic Policy estimates that the agreement will increase trade between the two countries by $3.3 billion. [2] The Comprehensive Economic Partnership Agreement (EPA) is a free trade agreement between India and South Korea. [2] The agreement was signed on August 7, 2009. [3] The signing ceremony took place in Seoul and the agreement was signed by Indian Trade Minister Anand Sharma and South Korean Trade Minister Kim Jong Hoon. [4] The negotiations lasted three and a half years and the first meeting took place in February 2006. The agreement was adopted by the South Korean Parliament on 6 November 2009.

[5] It was passed next week by the Indian Parliament. [2] After its adoption, the agreement came into force sixty days later, on 1 January 2010. [6] This is a free trade agreement. [2] The agreement will allow the Indian service industry in South Korea to have better access. Services include information technology, engineering, finance and the legal sector. [7] In South Korea, tariffs are reduced to less than 1%. [8] All this time, Korean companies have flooded India with cheaper imports of raw metals, steel and finished products. «The ministry wants to know if there are trade barriers or certain test standards that hinder the growth of exports from India,» he added. The bilateral trade pact CEPA, which came into force in 2010, stimulated trade and investment between the two countries, but Korea was very clear.

In 2019, exports from India totaled $5.6 billion, while exports from South Korea totaled $15.1 billion. An agreement on fisheries and aquaculture has been signed to strengthen cooperation, encouraging exchanges, holding training workshops and developing and using marine science and technology in the fisheries and aquaculture sectors. Another agreement was signed to issue a common stamp recalling Princess Suriratna (Queen Hur Hwang-ok), a legendary princess of Ayodhya who left for Korea in 48 AD and married King Kim-Suro. Many Koreans attribute their ancestry to the princess. Meanwhile, eight rounds of negotiations have been concluded to review the EPA between India and South Korea, which began in 2016. India also looked at the revision of the Indian and Japanese EPA and the ASEAN Free Trade Agreement (FTA) with its trading partners.

Please follow and like us: