India, Korea start talks on CEPA

New Delhi, Mar 24 (UNI) Continuing the policy of signing the preferential regional and bilateral trading agreements, India today began negotiations with South Korea for concluding a Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

The opening session of the two-day negotiations was co-chaired by Commerce Secretary S N Menon,Deputy Minister for Trade, Ministry of Foreign Affairs and Trade, Government of the Republic of Korea Kim Joong Keun.

The two sides constituted seven Working Groups to carry out the negotiations in specific areas: (i) Trade in Goods, (ii) Trade in Services, (iii) Investment, (iv) Other Rules&Economic Cooperation, (v) General Provisions&Dispute Settlement Mechanism, (vi) Rules of Origin and (viii) Customs administration and procedures.

A Joint Study Group (JSG) between India and Korea was constituted in pursuance of the announcement in October 2004. The target date for completion of negotiations is December, 2007.

The next meeting of the JTF would be held in May 2006 in Seoul.

UNI PC SS KN1903