Seoul, Aug 6 (DPA) South Korea will sign a Comprehensive Economic Partnership Agreement (CEPA) with India Friday to increase bilateral economic cooperation, a South Korean Foreign Ministry official said Thursday.

The signing ceremony will take place with the visiting Indian commerce minister in Seoul Friday morning, the ministry official said, finishing a three-year-long negotiating session to boost trade between the two countries.

'We expect the CEPA to be a catalyst to further boost our business ties with India,' said Choi Gyung Rim, policy director of South Korean foreign ministry.

The South Korean foreign ministry official said he expects the agreement to become effective sometime around next January after Seoul gets final approval from the South Korean National Assembly by the end of October.

India already got final approval June 2 from its cabinet for the agreement with South Korea, the ministry director said.

The CEPA is similar to a free trade agreement (FTA), with a comprehensive coverage of trade in goods and services and investments, as well as intellectual property rights.

Under the CEPA, India will eliminate duties on 75 percent of products imported from South Korea on a custom-value basis during the eight years after the CEPA becomes effective.