Prabhu discusses trade and economic issues in Seoul

India and South Korea have reviewed progress of the Comprehensive Economic Partnership Agreement (CEPA) during visit of Commerce and Industry Minister, Suresh Prabhu to Seoul 21-23 September 2017.

Prabhu to participated in the 7th Asia-Europe (ASEM) Economic Ministers meeting and the 3rd Joint Ministerial Review of the India-Korea CEPA.

The Korean Trade Minister Hyun Chong Kim and Prabhu reviewed the CEPA, upgraded negotiations during their meeting on 23 September.

They also had extensive discussions on trade and economic corporation issues between the at two countries.

Both the Ministers struck an instant personal rapport and affirmed that both countries should endeavour to finalize the CEPA upgrading negotiations at the earliest, within 2018 to the extent possible.

The Ministers agreed on the importance of co-operation in the field of standardization and conformity assessment and developing mutual recognition agreements of arrangements of conformity assessment between the two countries.

They shared the view that the two countries can take the lead in the era of the Fourth Industrial Revolution if the new, lower–cost technological competitiveness of India is combined with Korea’s mass production capabilities.

To that end, the Ministers agreed to establish a join future strategy group with a mission to identify areas of high–end technological co-operation between the two countries, as a way to realize the vision of co-leadership in the era of the Fourth Industries Revolution.

The Ministers agreed to continue discussions at the working level, about the detailed mandate of the strategy group, with the aim of launching the group preferably within 2017.

They commended the two countries’ dedication to the expansion of power generation from renewable resources and agreed to co-operate to mutually support the national goal of renewable and reliable energy expansion.

The Ministers agreed that, to attract foreign investment, it is critical to create pioneering success stories to nudge second movers and increase by a more diverse range of entrepreneurs.

In this regard, both sides agreed to consider favourably the requests made in the Joint Committee meeting, with regard to investment cooperation of the two countries.

In addition, both sides agreed to the continued support of KOREA PLUS in India, to Korean investors. The Indian and Korean governments’ KOREA PLUS is a strategic initiative to promote, facilitate and retain Korean investments in India. fii-news.com