Seoul, 12 August 1974
The Government of INDIA
AND
The Government of the Republic of KOREA,
BEING desirous of promoting the friendly relations existing between the two countries and their people,
RECOGNISING the benefits to be derived by both countries from expansion of trade as well as from closer economic and technical cooperation,
HAVE AGREED as follows :
Article 1
1. The Contracting Parties shall take all appropriate measures, within the framework of their respective laws and regulations in force
from time to time, to maximize trade between the two countries in particular with regard to the goods and commodities as mentioned
in the Schedules “A” and “B” attached to this Agreement. The Schedule “A” and “B” shall constitute an integral part of the present
Agreement. 2. The above-mentioned Schedules shall not be construed as excluding goods and commodities not enumerated therein.
Article 2
Each Party shall give full consideration to suggestions that may be made from time to time by the other Party for facilitating the
import into one country of commodities which are available for export from the other, and for the development and expansion of commerce
and diversification of trade between the two countries.
Article 3
1. Each Party shall accord to the commerce of the other Party the most-favoured-nation treatment, in particular with respect to :
(a) taxes, custom-duties and charges of any kind imposed on or in connection with importation and exportation or imposed on the international
transfer of payments for imports anc exports;
(b) the method of levying such duties and charges;
(c) all rules and formalities in connection with the importation and exportation;
(d) the application of internal taxes or other internal charges of any kind imposed on or in connection with imported of exported
goods;
(e) the application of any form of control on means of payments or regulations on the international exchange that are existing or
may be established in the future.
2. The provision of paragraph 1 above shall not, however, apply to any :
(a) advantages accorded by either Party to contiguous countries;
(b) advantages resulting from any customs union or free trade area to which either Party is or may become a Party;
(c) preferences or advantages accorded by India or the Republic of Korea to any country existing on the date of this Agreement - or
in so far as India is concerned in replacement of such preferences or advantages that existed prior to the l5th August, 1947.
Article 4
The Contracting Parties, desirous of promoting economic cooperation between the two countries, shall encourage the development of
mutually agreed schemes.
Article 5
The Contracting Parties shall promote technical cooperation for the economic development and enhancement of the living standards of
each country, and in this respect, shall facilitate the exchange of technical know-how together with the exchange of skilled personnel
and technical trainees.
Article 6
The Contracting Parties agree to explore ways and means and to take necessary steps for the most convenient and economical transportation
of commodities between the two countries.
Article 7
Mercantile ships of both countries, while entering, staying in or leaving the ports of either country, will enjoy the most favoured
facilities granted by their respective laws, rules and regulations to ships under third country’s flag. This principle shall not,
however, apply to ships engaged in coastal navigation.
Article 8
Payments under this Agreement shall be effected in U.S. dollars or Pound Sterling or in any other convertible currencies acceptable
to both countries.
Article 9
In order to facilitate the implementation of this Agreement, the Contracting Parties shall consult each other as and when necessary
and also review the working of the Agreement at least once a year.
Article 10
1. The present Agreement shall come into force on the date of its signature, and remain valid for a period of two years in the first
instance and shall continue to be in force from year to year unless either Party gives to the other at least 90 days’ written notice
of its intention to terminate the Agreement.
2. The Trade Agreement between the Government of India and the Government of the Republic of Korea effected by exchange of notes on
April 29, 19641 shall be superseded by this Agreement on the date on which the present Agreement comes into force.
IN WITNESS WHEREOF the undersigned being duly authorised by their respective Governments have signed the present Agreement.
DONE in duplicate at Seoul on l2th August, 1974 in Hindi, Korean and English languages.
The Hindi, Korean and English texts shall be equally authentic, but in case of any divergence of interpretation, the English text
shall , prevail.
Sd /-
SWARAN SINGH
Minister of External Affairs
For the Government of India
Sd /-
DONG JO KIM
Minister of Foreign Affairs
For the Government of the Republic of Korea
SCHEDULE “A”
COMMODITIES AVAILABLE FOR EXPORT FROM THE REPUBLIC
OF KOREA TO INDIA
1. Canned Fish.
2. Canned Fruits.
3. Dried Sea Products.
4. Raw Silk.
5. Rubber Tyres and Tubes.
6. Plywood.
7. Cotton Textiles.
8. Wool Textiles.
9. Synthetic Textiles.
10. Silk Textiles.
11. Fishing Nets.
12. Glass Products.
13. Ceramics.
14. Iron and Steel Bars, Rods, etc.
15. Galvanized Iron Sheets.
16. Pharmaceutical Products.
17. Handicrafts.
18. Farming Machinery.
19. Wolframite.
20. Tungsten ore and concentrates.
21. Lead.
22. Zinc.
23. Copper
24. Nickel.
25. Tin.
26. Graphite.
27. Bismuth.
28. Ginseng and its products.
29. Tobacco.
30. Feldspar.
31. Silk Worm Eggs.
32. Anthracite Coal.
33. Fertilizers.
34. Rubber Contraceptives.
35. Tube Pipes and Fittings of Iron and Steel.
36. Internal Combustion Engines.
37. Textile Machinery.
38. Sewing Machinery.
39. Electric Transformers.
40. Electric Wires and. Cables.
41. Radio Receivers.
42. Ships and Boats.
43. Knitwear.
44. Spectacles and Spectacles Frames.
45. Clocks and Watches.
46. Musical Instruments.
47. Outer and Under Garments.
48. Paper and Paperboard.
49. Tiles.
50. Cement.
51. Refrigerators.
52. TV Sets.
53. Electric Fans.
54. Electric Lamps.
55. Automobile Accessories.
56. Footwear:
57. Office and Stationery Goods.
58. Synthetic Resins,
59. Optical Manufactures.
SCHEDULE “B”
COMMODITlES AVAILABLE FOR EXPORT FROM INDIA TO
THE REPUBLIC OF KOREA
1. Canned, preserved and processed food and fruits.
2. Marine Products.
3. Walnuts.
4. Cashew kernels.
5. HPS groundnuts.
6. Deoiled cakes.
7. Sugar and sugar preparations.
8. Spices
9. Castor oil.
10. Cement and paper pulp machinery plant and textile and other machinery and spare parts. 11. Diesel engines. diesel pumps, centrifugal
pumps, chemical pumps, etc.
12. Machine tools, small and hand tools.
13. Railway equipment, like steam locomotives, passenger coaches, wagons, freight , and track material.
14. Motor vehicles and vehicular parts, ancillaries and accessories.
15. Power cables with aluminium conductors.
16. Office equipment, like duplicators, typewriting machines, etc.
17. Construction machinery, like concrete mixers, concrete vibrators, continuous batch plants, etc.
18. Building and construction material.
19. Bright steel bars and shaftings.
20. Fabricated steel structurals: Bridges and roof sections: Bailey bridges, pre-fabricated. housing structure, hydraulic structures
like gates and gearings, and technological structure. 21. Steel pipes and tubes and fittings thereof.
22. Grey iron, modular iron, mehanite iron and malleable iron castings to specification.
23. Carbon steel and alloy steel forgings and castings to specification.
24. Complete power transmission lines including tramission line towers, ACSR conductors. Insulators and line accessories (either
on a turnkey basis or specified supplies).
25. Complete electric sub-station including electric transformers and switch gear and control gear (on a turnkey basis or specified
supplies).
26. Train lighting and signalling equipment.
27. Arc welding electrodes.
28. Machinery for milling, refining and solvent extraction of vegetable oils.
29. Ball and roller bearings.
30. Scientific, medical and other measuring instruments.
31 Sewing and knitting machines and parts and accessories thereof
32. Air conditioning, Refrigeration equipment and Electrical goods like generators, meters, converters, rotary and static transformers,
fertilizers and ractifiring apparatus, inductors, etc., furnaces and ovens.
33. Rails.
34. Cranes, hoists and lifts.
35. Telecommunication equipment including teleprinters.
36. Wire ropes.
37. Earth moving equipment, like excavators, shovels, shapers, loaders, etc.
38. Electronic equipment and components.
39. Iron ore, mica and micanite.
40. Ferro manganese and ferro chromium.
41. Rubber products including tyres and tubes.
42. Ceramics, refractory and glass products.
43. Plastic goods.
44. Insecticides, pesticides and fungicides.
45. Drugs, pharmaceuticals and crude drugs.
46. Chemicals-organic and inorganic.
47. Dyes, dye-stuffs and natural tanning materials.
48. Essential oil, perfumes, essences and toileteries.
49. Linoleum, carpets, floor coverings, etc.
50. Travel goods.
51. Finished leather and leather manufactures.
52. Sports goods.
53. Raw cotton of staple length 22/32 and below.
54. Cotton yarn of 17 counts (EngIish and below.
55. Mill made and handloom textiles of cotton, man made fabrics and their blends, including fabrics, made-ups, furnishing and readymade
garments.
56. Jute-raw, twine and manufactures.
57. Wool-raw and manufactures.
58. Human hair.
59. Salt.
