South Korea and India agreed on Monday to conclude negotiations for a trade agreement within this year, the South Korean Foreign Ministry announced.
The ministry made the announcement after a meeting between South Korean Foreign Minister Song Min-soon and visiting Indian Foreign Minister Pranab Mukherjee.
The ministers expressed "their desire to conclude the negotiations by the end of 2007," the ministry said in a news release.
"The two ministers noted with satisfaction that bilateral relations have gained new momentum following the establishment of a Long-term Cooperative Partnership for Peace and Prosperity," the ministry said.
The two ministers also expressed confidence that a trade target of 10 billion U.S. dollars could be achieved before 2008, it said.
Seoul and New Delhi have been working to sign a comprehensive economic partnership agreement, which is roughly the equivalent of a free trade agreement, local media said.
Mukherjee arrived in South Korea on Sunday to meet with Song and attend the 5th South Korea-India Joint Commission, co-chaired by the top diplomats of both countries. He is set to leave South Korea on Tuesday.
Source: Xinhua
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