South Korean trade minister Kim Jong-hoon and India's Minister of Commerce and Trade Anand Sharma signed the pact.
Business between the two nations has risen sharply in recent years and hit $15.6bn (£9.31) in 2008.
As well as cutting or eliminating trade tariffs, the move aims to boost job opportunities between the nations.
South Korea's Kim Jong-hoon said: "We will be able to have access to one-sixth of the global market," adding that it would open a "significant opportunity as well as strengthen our relationship with India into the future".
Talks over the deal, which started in 2006, still needs to be ratified by South Korea's National Assembly.
The pact comes after Seoul signed a trade agreement with the European Union last month.
Business between the two nations has risen sharply in recent years and hit $15.6bn (£9.31) in 2008.
As well as cutting or eliminating trade tariffs, the move aims to boost job opportunities between the nations.
South Korea's Kim Jong-hoon said: "We will be able to have access to one-sixth of the global market," adding that it would open a "significant opportunity as well as strengthen our relationship with India into the future".
Talks over the deal, which started in 2006, still needs to be ratified by South Korea's National Assembly.
The pact comes after Seoul signed a trade agreement with the European Union last month.
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