NEW DELHI, May 28: The 12th round of India-Korea Comprehensive Economic Partnership Agreement (IK CEPA) upgrade negotiations was held from May 25 to 27, reaffirming both sides’ commitment to a balanced and future-oriented trade partnership.
During the discussions, both countries reviewed the progress achieved so far in the IK CEPA upgrade negotiations. The talks were held in a constructive and cooperative spirit, reflecting the strong bilateral relationship and the “Future Partnership” vision envisaged by Prime Minister Narendra Modi and President of the Republic of Korea Lee Jae-myung.
According to the Commerce Ministry, both sides acknowledged India’s bilateral trade deficit, which has risen significantly since the IK CEPA came into force in 2010.
In this round, discussions covered key areas including Trade in Goods (TiG), Trade in Services (TiS), Rules of Origin (RoO), Origin Procedures (OP), Investment, and Sanitary and Phytosanitary (SPS) standards.
It was also decided to establish sub-groups to explore cooperation in areas such as digital trade, supply chains, and strategic industrial cooperation.
The negotiations were co-chaired by Kapil Chaudhary, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, and Park Geun-oh, Director General for Trade Agreement Policy, Ministry of Trade, Industry and Energy (MOTIE), Republic of Korea.
(UNI)
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