BS Reporter / New Delhi April 10, 2007
India and South Korea have concluded the sixth round of negotiations in Seoul on the proposed free trade agreement. In the previous rounds of negotiations, both the countries had decided to open up 75 per cent to 80 per cent of the tariff lines for duty cuts and preferential treatment.

"The rest 25 per cent tariff lines will fall under the negative list," a commerce ministry official said. Items in the negative list would not see any kind of duty cuts.

The officials added that the present round was crucial because Indian and Korean negotiators discussed the wish list of items to be traded as per the proposed free trade agreement.

“Talks in the past five rounds went off smoothly. The present round is important as both the parties are negotiating various levels of duty cuts on items," the official added.

Negotiations between India and South Korea started in 2005, and are likely to be concluded by the end of 2007. South Korea’s interests in the Indian market are on products related to auto components, synthetic resin, as well as cellphones, while major exports from India to Korea include items like oil seed, iron ore and cereals.

Indian exports to South Korea in 2005-06 stood at $1.81 billion, an increase of 74.6 per cent over the previous year’s figure of $1.04 billion. South Korean imports to India in 2006-06 stood at $4.34 billion, which is a rise of 23.79 per cent over $3.5 billion in 2004-05.

Meanwhile, the second round of talks between India and Japan on the proposed comprehensive economic partnership agreement also started in Tokyo today.

The first round of talks, which saw the formation of working groups on trade in goods, trade in services, investment and bilateral cooperation, between the two countries took place in Delhi this February. The proposed free trade deal between the two countries was agreed during the visit of Prime Minister Manmohan Singh to Japan in December, 2006.

Major Indian exports to Japan include gems and jewellery, iron ore, and marine products, while major imports from Japan include machinery, electronic goods, iron and steel. India’s exports to Japan in 2005-06 were valued at $2.4 billion, while imports stood at $3.5 billion.

Good News for S Korea.

This is good news for both India and South Korea.

Congratulations.

sorry i do not need ur products ......... we make our own automobiles and we are progressing rapidly in the electronics

department, we do not need samsung or lg...........i believe in indian self sufficiency...... thx for the offer anyway ........

maybe the middle east or africa might be interested u can try them........

You are an ignorant fool. These tariff reductions are benefit to both countries ! Why do Indians hate Asians so much? Seriously, if you want your country to develop to a modern economy, you should take advantage of your surroundings, yes your Asian neighbours. Lets face it, India is not a very advanced country, its developing country. It needs as much tariff reductions as possible to benefit their economy.

dood. let him be. its his country man. no worries no need to call him names.

shut the fu-k up, probably a white , japanese or some nonindian poster.

I think all these talks with other countries is generally going well for Korea, but, I'm not too sure if the Free Trade Agreement with the US will ever pan out with Democrats in Congress. They may even win the White House, and I'm not too sure if the conservative South Korean government will ever agree to terms either. KORUS/FTA agreement may become a dead issue.

Where that will lead Korea, who knows?

He looks indian by the way he writes. It's funny because it's the Koreans who are supposed to look down on them. No wonder they are considered dirt in Korea tough.

Sometimes its more constructive to counter an insult in a reasonable calm manner than to get down to the level of the insulter. (yes I know its not a word)

Good stuff

Indians considered dirt in Kolea?Velly bad.