PM approves trade pact talks with South Korea
PM approves trade pact talks with South Korea
New Delhi | October 03, 2005
With a view to further promoting India’s global engagement through regional trading arrangement, Prime Minister Manmohan Singh today gave the green signal for starting negotiations with South Korea for signing a Comprehensive Economic Partnership Agreement (CEPA).
Dr Singh gave the approval after holding a meeting of the trade and economic relations committee headed by him, a PMO spokesman told reporters.
The meeting considered the report of the joint study group on the issue.
Besides emerging as a leading player in the multilateral arrangements through the World Trade Organisation, India has been aggressively pushing regional pacts. The Comprehensive Economic Cooperation Agreement (CECA) is in a fairly advanced stage with Singapore. Similar arrangement is being sought with Thailand as also the ASEAN.
As a part of the ’’Look West’’ policy, the Trade and Economic Relations Committee had also approved negotiations with the Gulf Cooperation Council.
South Korea has emerged as India’s leading trading and investment partner with a host of Korean giants like LG and Hyundai Motors have established their base in India.
