India, South Korea to form sub-groups on digital trade, supply chains under CEPA upgrade talks
New Delhi, May 28
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, 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
Reader Comments
Great to see India strengthening ties with tech giants like South Korea! 🇮🇳🤝🇰🇷 This sub-group on digital trade could open doors for Indian IT startups. But also need to ensure our local manufacturers are protected. Let Modi ji and Lee's "futuristic partnership" work for both countries.
Honestly, these trade pacts always sound great on paper but ground reality is different. Korean electronics already dominate our market. Will this help Indian exports to Korea? That's the real test. Otherwise it's just another agreement that widens the deficit.
Interesting development. As someone who follows Asia-Pacific trade, this CEPA upgrade is crucial. India needs to leverage Korea's semiconductor and EV supply chain expertise. The digital subgroup could fast-track data localization and AI collaborations. Smart diplomacy by both sides.
This is fantastic! South Korea is a global leader in technology and innovation. If we can collaborate on digital trade and supply chains, Indian students and professionals will benefit big time. Plus, cultural exchanges through such partnerships always bring people together. Win-win! 😊
As someone in manufacturing, I'm cautiously optimistic. South Korea has world-class industrial capabilities. But the devil is in the details – rules of origin, SPS standards, investment protections. Hope our negotiators are pushing for real market access for Indian pharma, textiles, and IT services. Not just more Korean cars and phones.
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