On days 3-4 November 2022, the 9th round of negotiations on the extension of the Comprehensive Economic Partnership Agreement (CEPA) between India and the Republic of Korea (ROK) was held in Seoul. Both sides emphasized the need to conduct negotiations that are based on a mutually beneficial, forward-looking and result-oriented approach. Both sides shared the hope that negotiations on the modernization of CEPA will play an important role in strengthening and deepening economic cooperation between the two countries. Subgroups on trade in goods, services, rules of origin, investment, SPS/TBT issues held detailed discussions.
India expressed serious concern over the growing trade deficit between the two countries and discussed market access issues. The two sides agreed to work closely together to resolve tariff and non-tariff barriers and to deepen relations in the services sector. They also shared the common view that both sides should make maximum efforts to accelerate negotiations to achieve a mutually beneficial and satisfactory outcome during 2023, while noting the importance of the upcoming 50th anniversary of diplomatic relations between the two countries.
The lead negotiators also shared the view that both sides should promote a favorable trade environment that will allow both sides to fully enjoy the benefits of CEPA. It was agreed that India will host the 10th round of negotiations on the modernization of CEPA in early 2023. The Indian delegation was led by Chief Negotiator Mr. Anant Swarup, Joint Secretary, Ministry of Commerce, Government of India, while the Korean side was led by their Chief Negotiator Mr. Yang Ghi-Wuk, Director General, Ministry of Commerce, Industry and Commerce. of Energy (MOTIE), Government of the Republic of Korea.
