[7] All the while, Korean corporations have flooded India with cheaper imports of raw metal, steel and finished products.

[3] The Korea Institute for International Economic Policy believes the agreement will increase trade between the two countries by $3.3 billion.

In January 2005, both parties formed a Joint Study Group to assess the viability of a free trade agreement between the two nations.

Rahul Khullar, the Indian Commerce Secretary and member of the Joint Study Group, elaborates that one such cooperation occurred during discussions regarding the agricultural sector, one that is particularly weak in South Korea, but thriving in India.

[9] The deal, for South Korea, added to a large roster of existing bilateral and multilateral free trade agreements created under the term of Korean President Roh Moo-hyun.