The Hindu : National : India, South Korea to study economic ties

Online edition of India's National Newspaper
Wednesday, Oct 06, 2004

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National

India, South Korea to study economic ties

By Amit Baruah

The President, A. P. J. Abdul Kalam, and the Prime Minister, Manmohan Singh, welcome the South Korean President, Roh Moo-Hyun, at the Rashtrapati Bhavan in New Delhi on Tuesday. — Photo: V. Sudershan

NEW DELHI, OCT. 5. India and South Korea today agreed to establish a study group to review bilateral trade, investment and services and come up with measures to take economic engagement forward.

The group will comprise officials, economists and businesspersons.

The Prime Minister, Manmohan Singh, and the visiting South Korean President, Roh Moo-Hyun, agreed today that the group would also examine the feasibility of a comprehensive economic partnership agreement between New Delhi and Seoul — it will start work by January 2005 and submit its report within a year. Both sides set a bilateral trade target of $10 billion by 2008.

After the talks, the External Affairs Ministry spokesman said India and South Korea also agreed to promote exchanges and interaction in the defence field, including cooperation between the two navies, coast guards and "related agencies" in areas such as anti-piracy and search and rescue operations.

Extradition treaty

"Consultations on expanding cooperation in the fight against international terrorism would be carried out through various bilateral and multilateral mechanisms," he said, pointing out that a new dialogue on foreign policy and security had also been agreed upon by the two nations.

A treaty on extradition and another on mutual legal assistance matters were signed by the External Affairs Minister, Natwar Singh, and the South Korean Foreign Minister, Ban Ki-Moon, in the presence of the Prime Minister and the President.

"The Prime Minister welcomed investment by Korean companies in India and said the Government of India was committed to creating a congenial climate for foreign direct investment. President Roh responded positively and remarked that Korean companies were prepared to make a long-term commitment to India and that they were in India to stay," the spokesman said about the discussions.

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