The investment chapter of the India-Korea agreement provides equal treatment to investors in the domestic market as also South Korean investors.
The bilateral trade grew by 4.6 per cent from $68.4 billion in 2011 to $ 71.6 billion in 2012.
The Summit comes at a time when China is flexing its muscle to tighten its grip over the disputed South China Sea.
Aiming to give fillip to India's Look East policy, Prime Minister Manmohan Singh is expected to announce new initiatives to take forward ties with the ASEAN by setting up a mission and appointing an ambassador for the 10-member grouping.
Giving a fresh impetus to its ties with ASEAN, India today said it would soon draft a five-year action plan starting 2016 for enhancing connectivity and cooperation in diverse areas and hoped the long-delayed free trade pact on services and investment will be signed later this month.
Seeking deepening of ties with ASEAN, India on Saturday said it would soon draft a five-year plan of action starting 2016 to take the "trajectories" of common interests with the 10-member grouping to a new level and particularly emphasised on improving connectivity in the region to further boost trade and people-to-people contact.
Vietnam is a key player in India's act east policy under Prime Minister Narendra Modi. From India's perspective, a strategic partnership with Vietnam will only deepen political, economic, and security ties and be a bulwark against China, say Melissa S Hersh and Dr Ajey Lele
Eyeing greater cooperation with South East Asian countries on economic and security issues, India on Thursday announced a separate Mission for ASEAN region to be set up in Jakarta with a full-time resident Ambassador.
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