India and South Korea have agreed to establish specialized sub-groups to intensify discussions on digital trade, supply chain collaboration, and strategic industrial cooperation within the framework of the India-Korea Comprehensive Economic Partnership Agreement (IK CEPA). This decision follows the Joint Declaration signed on April 20 by Union Commerce and Industry Minister Piyush Goyal and Korean Trade Minister Yeo Han-koo during the State Visit of the President of South Korea to India.
Both countries assessed the advancements in the CEPA upgrade negotiations and engaged in discussions with a forward-looking approach, in line with the vision of a “Futuristic Partnership” outlined by Prime Minister Narendra Modi and South Korean President Lee Jae-myung. The Ministry of Commerce and Industry highlighted the positive developments in the IK CEPA upgrade negotiations, emphasizing the constructive and cooperative nature of the talks.
During the recent negotiations, the parties deliberated on various aspects such as trade in goods, trade in services, rules of origin, investment, and sanitary and phytosanitary standards. Acknowledging the growing bilateral trade deficit since the inception of the original IK CEPA in 2010, India and South Korea agreed to address this concern within the broader CEPA framework. Both nations reiterated their commitment to finalizing the CEPA upgrade negotiations promptly to achieve a modernized and mutually advantageous agreement that fosters balanced bilateral trade and enhanced economic collaboration.
