SEOUL, Nov 3 — South Korea and India launched a new round of negotiations Thursday to upgrade their bilateral trade pact after a three-year hiatus, reported Yonhap, quoting the trade ministry here.
The two nations implemented the Comprehensive Economic Partnership Agreement (Cepa) in January 2010 and began talks to upgrade the pact in 2015.
Negotiations were suspended since June 2019 due to the Covid-19 pandemic and other issues.
The 9th round began in Seoul for over two days, during which the two sides will discuss ways to improve the deal regarding tariffs on goods and services, investment, and origin rules, among other issues, according to the Ministry of Trade, Industry and Energy.
“Cooperation with India bears significance, particularly at a time when we are facing global supply chain instability and growing economic uncertainties,” ministry official Yang Gi-uk said.
“We will take the envisioned Cepa revision as a chance to expand bilateral trade and investment and to help our firms make inroads into the Indian market,” he added.
According to government data, two-way trade stood at an all-time high of US$23.66 billion in 2021.
— Bernama
