The first meeting of the Joint Committee at the Ministerial Level ("Ministerial Joint Committee") to review the implementation of the India-Korea CEPA was held here today. Mr. KIM Jong-Hoon, Minister for Trade and Shri Anand Sharma, Minister of Commerce and Industry, had extensive discussion on bilateral trade and economic relations, trade policy and progress in the Doha Round of WTO talks. The Korean minister led a high-level delegation comprises business, professionals and government officials.

The Ministers reviewed the progress in trade between the two countries since the entry into force of the CEPA from January 1, 2010 and expressed satisfaction that as per the trade statistics bilateral trade had increased by approximately 40% during the first year. They expressed hope that bilateral investment would also increase further as a result of the CEPA. A Joint Committee at the Joint Secretary level for India and Director General level for Korea as envisaged under the CEPA was formally established to assist the Ministerial Joint Committee in ensuring the effective operation and implementation of the Agreement. 

The Ministers took note of the difficulties faced by the business communities of both countries relating to visa procedures and hoped that the current negotiation on simplification of visa procedures would soon be concluded. The Ministers also expressed hope that, after completion of necessary formalities, the Social Security Agreement, which was signed in October 2010, would come into force in the near future that would help both Indian and Korean professionals working in each other's country. 

The Ministers shared the view that both countries should work further to encourage mutual investment. The two sides identified measures to be taken for enhancing Korea's investment in India. The Ministers also welcomed the fact that the two countries agreed, in principle, to conclude an agreement on co-production of broadcasting programmes and to expedite the necessary procedures in signing and bringing it into force as early as possible. They expressed hope that the agreement would enhance bilateral cooperation in the audio-visual sector. 

The Ministers shared the view that a strong multilateral trading system is vital for ensuring future growth in the world economy and committed themselves to continue their cooperation to achieve an ambitious, balanced and comprehensive conclusion of the Doha Development Round as early as possible. 

It was decided that the next Ministerial Joint Committee meeting would be convened in Seoul in 2012.  Comprehensive Economic Partnership Agreement encourages trade growth, investment facilitation and coordinated support for Doha round outcomes. The Ministerial Joint Committee reviewed implementation of the Comprehensive Economic Partnership Agreement, noted substantial bilateral trade growth, established a senior official Joint Committee to ensure effective operation, and identified measures to promote Korea's investment in India; it also urged simplification of visa procedures, anticipated entry into force of the Social Security Agreement for professionals, welcomed a co production agreement for broadcasting, and reaffirmed cooperation toward a balanced conclusion of the Doha Development Round.