PremiumIndia expressed worry over the growing trade deficit with South Korea and emphasised the need for the Comprehensive Economic Partnership Agreement (CEPA) with South Korea to be upgraded quickly
NEW DELHI : Expressing concerns over widening trade deficit with South Korea, India stressed the need for fast-tracking the upgradation process of the Comprehensive Economic Partnership Agreement (CEPA) with South Korea, the Ministry of Commerce & Industry said in a statement.
“India raised serious concerns on the growing trade deficit between the two countries and discussed market access issues. Both sides agreed to work closely to address tariff and non-tariff barriers and deepen the relationship in the services sector," the ministry said.
The 9th round of India-Republic of Korea (ROK) Comprehensive Economic Partnership Agreement (CEPA) up-gradation negotiation was held in Seoul from 3-4 November 2022.
The two sides underlined the need to have negotiations, which are based on win-win approach, are forward looking and outcome oriented. Both sides shared the hope that the CEPA upgradation negotiations would play an important role in strengthening and deepening economic cooperation between both countries.
“Sub groups on trade in goods, services, rules of origin, investment, SPS/TBT issues held in-depth discussions," it said.
They also shared a common view that both sides should make utmost efforts to expedite negotiations in order to reach a mutually beneficial and satisfactory outcome during 2023, while taking note of the importance of the upcoming 50th anniversary of diplomatic relations between the two countries.
The Chief Negotiators also shared the view that both sides should promote conducive trade environment to enable both sides to fully utilize benefits under the CEPA. It was agreed that the 10th round of CEPA upgradation negotiations will be hosted by India in early 2023.
The Indian delegation was led by Chief Negotiator Anant Swarup, Joint Secretary, Department of Commerce, Government of India, while the Korean side was led by their Chief Negotiator Yang Ghi-Wuk, Director General, Ministry of Trade, Industry and Energy (MOTIE), Government of the Republic of Korea.
CEPA was signed between the two countries in August 2009 and became operational on January 2010.