Yonhap news agency quoted a statement from the Ministry of Foreign Affairs and Trade as saying that S Korea President Roh Moo-Hyun and visiting Indian President Abdul Kalam agreed to begin specific negotiations on the trade pact during a summit earlier that day.

S Korea and India will begin the first round of free trade talks in March in India's capital New Delhi, the ministry said.

After the summit, Korea Trade Minister Kim Hyun-jong and Indian Rural Development Minister Radhuvansh Prasad Singh made a joint announcement on the start of a Comprehensive Economic Partnership Agreement (CEPA).

The same day, the two sides also inked an agreement on science and technology envisaging exchanges of scientists and technologists, joint research, and harmonisation of customs procedures to facilitate trade and crack down on economic crimes.