The Republic of Korea (RoK) and India will sign a Comprehensive Economic Partnership Agreement (CEPA) on Aug. 7 after three years of negotiations, according to the RoK Foreign Ministry.

The CEPA is designed to phase out tariffs on most goods between five and eight years after ratification.

The deal is the first of its kind between the RoK, Asia's fourth largest economy, and the BRIC group of fast-growing developing economies, made up of Brazil , Russia , India and China .

According to RoK statistics, two-way trade between the country and India totaled 15.56 billion USD last year.

The new trade pact is expected to boost bilateral trade by as much as 3.3 billion USD a year, according to the state-run Korean Institute for International Economic Policy.

The RoK’s Yonhap news agency said the RoK-Indian deal would take effect early next year after the RoK’s parliament ratifies it.

The RoK is pursuing free trade pacts worldwide to promote its export-dominated economy.

Last month the presidential office said the RoK had completed two years of negotiations on free trade agreements with the European Union.

The RoK already has agreements with Chile , Singapore , the European Free Trade Association and the Association of Southeast Asian Nations (ASEAN)./.