India, South Korea form CEPA sub-groups focusing on digital trade, supply chains, investment cooperation and balanced bilateral economic growth.
New Delhi
India and South Korea have agreed to establish dedicated sub-groups to intensify discussions on digital trade, supply chain cooperation and strategic industrial collaboration as part of ongoing negotiations to upgrade the India-Korea Comprehensive Economic Partnership Agreement (IK CEPA).
The decision was announced following the latest round of CEPA upgrade talks held in New Delhi on Thursday. According to an official statement from the Ministry of Commerce and Industry, the discussions were conducted in a “constructive and cooperative spirit”, reflecting the growing bilateral partnership between the two countries.
The negotiations follow the Joint Declaration signed on April 20 by Union Commerce and Industry Minister Piyush Goyal and South Korean Trade Minister Yeo Han-koo during the state visit of the President of the Republic of Korea to India.
Both countries reviewed the progress achieved so far in the CEPA upgrade process and reaffirmed their commitment to concluding the negotiations within a time-bound framework.
The Ministry stated that the discussions aligned with the “Futuristic Partnership” vision shared by Prime Minister Narendra Modi and South Korean President Lee Jae-myung, aimed at strengthening long-term economic and strategic cooperation between the two nations.
During the latest round of talks, negotiators discussed a wide range of areas including trade in goods, trade in services, investment, rules of origin and origin procedures, as well as sanitary and phytosanitary standards.
The two sides also acknowledged concerns regarding the widening bilateral trade deficit since the original IK CEPA came into effect in 2010. Officials agreed to address the issue as part of the broader review and modernization of the agreement.
The proposed sub-groups are expected to focus specifically on emerging areas such as digital commerce, resilient supply chains and industrial cooperation in strategic sectors. These discussions are aimed at ensuring that the upgraded agreement reflects current global trade realities and supports future economic growth.
India and South Korea expressed confidence that the upgraded CEPA would help create a more balanced and mutually beneficial trade relationship while expanding opportunities for businesses and investors in both countries.