Those silly folks in South Korea and India don’t seem to understand that globalization, free trade, and capitalism have been discredited by the recession. They’ve gone and struck a major tariff-reduction pact:

South Korea and India agreed to eliminate or cut tariffs on goods over the next 10 years with the latter phasing out or reducing tariffs on 85 percent of South Korean goods under the Comprehensive Economic Partnership Agreement (CEPA), to be signed on Friday.
The two countries started their negotiations in March 2006, and initialled the bilateral trade pact in February this year. Both sides expect the accord to take effect on January 1 after South Korea’s parliament ratifies the deal in October. The deal is the first of its kind between South Korea, Asia’s fourth largest economy, and the BRICS group of fast-growing developing economies, comprising of Brazil, Russia, India and China.
South Korea will be the second country after Singapore with which India has signed such a treaty. The tariff removal rate under the CEPA with India is relatively lower than the provision under most other free trade agreements but the accord with India will help more South Korean companies have a chance of making inroads into the market in advance outpacing their rivals.