New Delhi: India and South Korea have decided to create dedicated sub-groups to deepen discussions on digital trade, supply chain cooperation and strategic industrial collaboration as part of efforts to upgrade the India-Korea Comprehensive Economic Partnership Agreement (IK CEPA), it was announced on Thursday.
The talks were conducted pursuant to the Joint Declaration signed on April 20 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, according to an official statement issued after the latest round of negotiations in the national capital.
According to the statement, both sides reviewed the progress made so far in the CEPA upgrade negotiations and held discussions in a “constructive and cooperative spirit”, reflecting the “Futuristic Partnership” envisioned by Prime Minister Narendra Modi and South Korean President Lee Jae-myung.
“Both sides reviewed the progress achieved so far in the IK CEPA upgrade negotiations,” the Ministry of Commerce and Industry said.
“The discussions were held in a constructive and cooperative spirit, reflecting the strong bilateral relationship and the ‘Futuristic Partnership’ envisioned by Prime Minister Narendra Modi and President of the Republic of Korea Lee Jae-myung,” it added.
During the latest round, negotiators discussed multiple 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 acknowledged the widening bilateral trade deficit since the original IK CEPA came into force in 2010 and agreed to address the issue within the broader CEPA framework.
The two countries reaffirmed their commitment to conclude the CEPA upgrade negotiations in a time-bound manner with the aim of achieving a modernised and mutually beneficial agreement that promotes balanced bilateral trade and stronger economic cooperation.
(IANS)
