India wants greater access to the South Korean market in the field of textiles and garments, information technology and generic medicine. And Korea has agreed to consider providing better market access to Indian products. There has been a 70 per cent growth in trade in the first two years of implementation of the Comprehensive Economic Partnership Agreement with Korea. The pact reduces tariffs on goods and facilitates services and investments between the two nations. It has helped about 480 Korean firms operating in India. Following the implementation of the agreement, duties were either reduced or eliminated on about 90 per cent of goods traded between the countries. 

Korean companies have huge opportunities to invest in infrastructure development in India. About 12 national investment and manufacturing zones are coming up in India as part of the National Manufacturing Policy which aims to increase the share of manufacturing in GDP from the current 16 per cent to 26 per cent. 

In January-June 2013, India’s imports from Korea stood at $6.34 billion, while exports were $1.77 billion in the same period. In 2012, India’s exports from Korea stood at $4.14 billion, while imports were US $ 13.50 billion.