India, South Korea Hold 12th Round of CEPA Upgrade Talks in New Delhi
By Antara Tripathy, for IBG NEWS Bureau
India and the Republic of Korea have reaffirmed their commitment to strengthening bilateral economic ties as the 12th round of negotiations for upgrading the India-Korea Comprehensive Economic Partnership Agreement (IK CEPA) concluded in New Delhi on May 27.
The three-day negotiations, held from May 25 to 27, were conducted following the joint declaration issued during the recent state visit of the South Korean President to India. During that visit, Union Commerce and Industry Minister Shri Piyush Goyal and Korean Trade Minister Mr. Yeo Han-koo agreed to accelerate discussions aimed at modernising the existing trade agreement.
The latest round of talks was jointly led by Ms. Kapil Chaudhary, Joint Secretary in India’s Department of Commerce, and Mr. Park Geun-oh, Director General for Trade Agreement Policy at South Korea’s Ministry of Trade, Industry and Energy (MOTIE).
Officials from both countries reviewed the progress achieved in the ongoing negotiations and discussed ways to build a more balanced and future-oriented trade framework. The discussions reflected the broader strategic partnership vision shared by Prime Minister Shri Narendra Modi and South Korean President Mr. Lee Jae-myung.
A major issue discussed during the negotiations was India’s growing trade deficit with South Korea, which has increased significantly since the original CEPA agreement came into force in 2010. Both sides acknowledged the concern and agreed to work toward addressing trade imbalances within the broader framework of the upgraded agreement.
The current round of negotiations covered several key areas, including:
- Trade in Goods
- Trade in Services
- Rules of Origin and Origin Procedures
- Investment
- Sanitary and Phytosanitary standards
In a significant development, India and South Korea also agreed to establish dedicated sub-groups to expand cooperation in emerging sectors such as:
- Digital trade
- Supply chain resilience
- Strategic industrial cooperation
Trade experts believe the inclusion of these areas reflects the changing nature of global commerce, where technology partnerships, resilient manufacturing ecosystems, and industrial cooperation are becoming increasingly important.
Both countries reiterated their intention to conclude the CEPA upgrade negotiations within a defined timeline and work toward a modernised agreement designed to promote balanced bilateral trade, industrial collaboration, and long-term economic partnership.
The India-Korea CEPA, originally implemented in 2010, has played a major role in expanding trade and investment between the two Asian economies. However, policymakers on both sides now seek to revise the agreement to better align with evolving global trade realities and emerging economic sectors.
