New Delhi, May 28: India and South Korea have decided to form dedicated sub-groups to advance discussions on digital trade, supply chain cooperation, and strategic industrial partnerships under the Comprehensive Economic Partnership Agreement (CEPA) upgrade.
An official statement revealed that this decision was made during talks held on April 20, coinciding with the visit of the Korean President to India. The discussions were signed off by India’s Minister of Commerce and Industry, Piyush Goyal, and South Korean Trade Minister Yeo Han-Koo.
According to the statement, both parties reviewed the progress made in the CEPA upgrade talks and engaged in discussions characterized by a “constructive and collaborative spirit,” reflecting the “futuristic partnership” envisioned by Prime Minister Narendra Modi and South Korean President Lee Jae-Myung.
The Ministry of Commerce and Industry noted, “Both sides reviewed the progress made in the India-South Korea CEPA upgrade talks.”
The statement further emphasized, “The talks were conducted in a constructive and collaborative spirit, showcasing the strong bilateral relations and the futuristic partnership envisioned by Prime Minister Narendra Modi and President Lee Jae-Myung.”
In this new round of discussions, negotiators addressed various areas, including trade in goods, trade in services, rules of origin and procedures, investment, and sanitary and phytosanitary standards.
India and South Korea acknowledged the growing bilateral trade deficit since the implementation of the CEPA signed in 2010 and agreed to address this issue within the broader CEPA framework.
Both nations reaffirmed their commitment to completing the CEPA upgrade talks in a timely manner, aiming to achieve a balanced bilateral trade agreement that promotes strong economic cooperation and mutual benefits.
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