India and South Korea have initiated discussions to revamp their existing trade agreement, the Comprehensive Economic Partnership Agreement (CEPA), with the aim of enhancing bilateral trade and addressing long-standing concerns. Union Commerce and Industry Minister Piyush Goyal held talks with South Korea’s Trade Minister Yeo Han-koo, focusing on making the agreement more balanced and mutually beneficial.
Both sides acknowledged that while CEPA has contributed to increased trade since its implementation in 2010, there remain gaps, particularly in addressing trade imbalances and improving market access. India has consistently raised concerns over its widening trade deficit with South Korea and has sought better terms for domestic industries.
The ministers discussed measures to simplify regulatory frameworks, enhance cooperation in emerging sectors, and remove non-tariff barriers. The review is expected to strengthen economic ties and create new opportunities for businesses in both countries.
The renewed engagement reflects a broader strategic partnership between India and South Korea, as both nations look to diversify supply chains and deepen economic cooperation in the Indo-Pacific region. Further rounds of negotiations are expected in the coming months.
