Seoul, Aug 8 - India and South Korea have signed an agreement here to boost bilateral trade, WAM news agency reported.

The representatives from both the countries Friday signed the Comprehensive Economic Partnership Agreement (CEPA) that will facilitate duty cuts on auto parts and electronic items, among others.

The scheme, similar to the free trade agreements (FTA), will lower import tariffs on cars and other manufactured items.

'The CEPA sends signals to the world that the two countries are committed to free trade and are against protectionism,' South Korean Trade Minister Kim Jong-hoon said after signing the pact.

The accord will come into effect early next year after the South Korean parliament ratifies it.

The pact is expected to boost bilateral trade by as much as $3.3 billion annually, the state-run Korea Institute for International Economic Policy (KIEP) said.

Tariffs on South Korean auto parts, the country's biggest trade item, are to be reduced to as low as one percent over an eight-year period from the current average of 12.5 percent.

India and South Africa, however, agreed to exclude fisheries and some agricultural products, such as dairy, beef and pork, from the tariff concessions.