Following President Roh’s visit in first week of October, 2004, a joint communique was issued inter alia the following:-

"They agreed to continue policy dialogues in economic and trade area with a view to developing the bilateral relations into a more comprehensive and future-oriented one. As part of such an initiative, the two sides will establish a Joint Study Group (JSG), composed of government officials, economists and representatives of business community, to take a comprehensive view of bilateral economic linkages between the two countries, covering among others, trade in goods and services, investment flows, and other areas of economic cooperation. The JSG will, inter alia, examine the feasibility of a comprehensive economic partnership agreement between India and ROK. The JSG will give concrete suggestions on ways and means to encourage closer economic engagement between the two countries based on the result of the study. It will start its work no later than in January 2005 and submit its report within one year".

It has been decided that JSG would be serviced by Department of Industrial Policy and Promotion.