India and South Korea Establish Sub-Groups on Digital Trade and Supply Chains in Upgrade of Trade Deal

India and South Korea Broaden CEPA Upgrade Negotiations

India and South Korea have agreed to form dedicated sub-groups on digital trade, supply chain cooperation, and strategic industrial cooperation, expanding the scope of negotiations to upgrade their bilateral Comprehensive Economic Partnership Agreement (CEPA). This decision was reached during the 12th round of India-Korea CEPA upgrade negotiations, held in New Delhi from May 25-27.

According to a statement issued by the Ministry of Commerce and Industry on May 28, discussions during the current round focused on Trade in Goods (TiG), Trade in Services (TiS), Rules of Origin (RoO), Origin Procedures (OP), Investment, and Sanitary and Phytosanitary (SPS) standards.

India and South Korea reaffirmed their commitment to conclude negotiations to upgrade the CEPA in a time-bound manner, with the goal of securing a modernized and mutually beneficial pact that promotes balanced trade and deeper economic cooperation. The talks were co-chaired by Kapil Chaudhary, Joint Secretary in the Department of Commerce, and Park Geun-oh, Director General for Trade Agreement Policy at South Korea's Ministry of Trade, Industry and Energy.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Both countries acknowledged India's bilateral trade deficit with South Korea, which has increased significantly since the CEPA came into force in 2010. They agreed to address the issue within the broader framework of the agreement.

Note: The table is not provided as the original text does not contain any specific data on India's trade deficit with South Korea for years other than 2010.