India, South Korea reaffirm commitment to conclude CEPA upgrade in time-bound manner

New Delhi [India], May 28 (ANI): India and South Korea have reaffirmed their commitment to conclude the upgrade of the India-Korea Comprehensive Economic Partnership Agreement (IK CEPA) "in a time-bound manner", as both sides intensified efforts to modernise the trade pact and address concerns including India's widening trade deficit with Korea.

The two countries held the 12th round of negotiations for the CEPA upgrade in New Delhi from May 25-27, according to the Ministry of Commerce & Industry.

The discussions followed the Joint Declaration signed on April 20, 2026, by Union Commerce and Industry Minister Piyush Goyal and Korean Trade Minister Yeo Han-koo during the State Visit of the President of the Republic of Korea to India. In the declaration, both sides committed to accelerating the CEPA upgrade negotiations.

The negotiations were co-chaired by Kapil Chaudhary, Joint Secretary, Department of Commerce, and Park Geun-oh, Director General for Trade Agreement Policy at South Korea's Ministry of Trade, Industry and Energy.

According to the ministry, both countries reviewed the progress achieved so far and held discussions in a "constructive and cooperative spirit", reflecting the strong bilateral relationship and the "Futuristic Partnership" envisioned by Prime Minister Narendra Modi and South Korean President Lee Jae-myung.

During the talks, both sides acknowledged that India's bilateral trade deficit with Korea has risen significantly since the IK CEPA came into force in 2010 and agreed to address the issue within the overall CEPA framework.

The discussions covered areas including Trade in Goods, Trade in Services, Rules of Origin and Origin Procedures, Investment, and Sanitary and Phytosanitary standards.

India and South Korea also decided to form sub-groups to discuss cooperation in digital trade, supply chain cooperation and strategic industrial cooperation, signalling efforts to deepen economic engagement beyond conventional trade areas.

Both countries reiterated that the upgraded CEPA aims to create a "modernised and mutually beneficial agreement" that supports balanced bilateral trade and stronger economic cooperation. (ANI)