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| India, South Korea may hold joint IPRs through trade pact | Writer | Admin | |||
|---|---|---|---|---|---|
With South Korean companies establishing
themselves as big players in India, the two countries plan to jointly hold
intellectual property rights (IPRs) in areas of manufacturing, energy and
healthcare.
The proposal will be within the
negotiations for the bilateral trade agreement that the two countries recently
reviewed. In the fourth round of negotiations of the India-Korea comprehensive
economic partnership agreement or CEPA held on December 21, the two countries
finalised a Futures Group comprising experts from academia and industry to work
on joint research and development and networking.
The two countries have zeroed in on
internet of things, electrical and automotive manufacturing, renewable energy,
water management and medical equipment as some areas to work together. "We
will decide how to rope in experts from Indian Institutes of Technology and
other premier institutions to be able to create an environment for joint IPRs
and build capacity," said an official in the know.
Commerce and industry minister Suresh
Prabhu had announced forming such a group in September when he visited South
Korea to review the CEPA. In June last year, the two countries began official
talks to improve the trade agreement. Further, they launched an initiative
'Korea Plus' in India to promote and facilitate South Korean Investments in
India.
The likes of LG, Samsung and Hyundai have
established strong presence in India with big market shares, something that the
two governments feel can be used for greater cooperation in areas of research.
The Futures Group is likely to be set up early next year and will give an
impetus to India-Korea trade and investment.
Bilateral increased to $16.82 billion in
2016-17 from $16.57 billion in the previous fiscal, but the trade surplus is
tilted towards South Korea at $8.3 billion.
The official said Korea has also proposed
to bring on board some of its industrial giants in the group. Major Korean
conglomerates such as Samsung, Hyundai Motors and LG have made significant
investments in India, estimated at nearly $3 billion, while Indian investments
in South Korea have already exceeded $2 billion.
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