Korea, India to Upgrade CEPA, Revise Tax Treaty

President Park Geun-Hye met Indian Prime Minister Manmohan Singh in New Delhi, India on Thursday to discuss bilateral economic cooperation between the two nations.

Her trip aims to lay the groundwork for local firms to more easily enter the world's second-largest market by population.

One of the most notable accomplishments of the summit was their agreement to revise the Korea-India Comprehensive Economic Partnership Agreement (CEPA) to cover not only goods, but also investments and services.

President Park Geun-hye and Indian Prime Minister Manmohan Singh shake hands in New Delhi, India on Thursday. /AP-Newsis President Park Geun-hye and Indian Prime Minister Manmohan Singh shake hands in New Delhi, India on Thursday. /AP-Newsis

The two countries will hold ministerial level talks on the matter in Seoul in March.

Both leaders also agreed to reduce the tax burden on companies operating on one another's soil to further bolster investment, while also avoiding double taxation.

Park has also sought greater financial support for Korean firms willing to take part in infrastructure projects in India.

Arirang News / Jan. 17, 2014 11:10 KST